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Citi

Citi Wealth Insights

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USD better bid for much of this week but for how long?

USD: This week sees the broad based USD Index (DXY) once again trying to reach for the top, having broken through the 100 level overnight.
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Central bank developments – More announcements from the Fed to expand its balance sheets but a key measure to add USD liquidity delayed

USD: Fed announces it will exclude holdings of Treasuries and reserves from supplementary leverage ratio (SLR) for bank holding companies (BHC).
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Volatility Aplenty in G10 Currencies

As COVID-19 cases increase globally, G10 FX volatility has increased and may remain elevated until new cases begin to plateau.
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Oil Markets Poised to Get Worse Before Improving

The global oil industry may be reshaped from this year’s pressures. Citi analysts expect Brent and WTI prices to average US$17/bbl in 2Q and US$25-$30/bbl in 3Q and 4Q.
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Fixed Income Markets – Quality Matters

Citi analysts believe there are benefits in keeping portfolio exposure to strong sovereign bond markets such as US Treasuries, while avoiding many others.
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Growth Likely to Deteriorate Before Bottoming

Citi analysts have further revised down GDP projections for 2020. Global GDP is now seen contracting by 1.6% YoY (-2.9pp). Advanced Economies are projected to contract by 3.6% YoY (-3.8pp) and Emerging Markets, while positive, have also been revised down to 1.1% YoY (-1.9pp) in 2020.
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