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Citi Wealth Insights

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USD ends weaker overnight but still in consolidation mode for now while Gold breaks through the 2000 barrier

Gold: Breaks above $2,000/oz overnight to trade as high as 2,031, leaving Gold futures up ~13.5% in USD terms QTD and ~9.7% on average across the rest of G10 FX complex.
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USD consolidates over the past 2 trading sessions which potentially opens up the path towards extended medium term weakness

USD: Dollar rebounds on a short covering move that begun on Friday – the USD bid in the Asian session yesterday extends with intensity in the London and NY trading hours overnight with the broad based USD Index (DXY) rebounding from a low of sub 92.50 but stopping short of 94.00.
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USD Dynamics Continue to Weaken

Citi analysts see weakening dynamics, with rate differentials, a potential mini reflationary macro environment and abundant liquidity working against the USD.
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Commodities – On the Path to Recovery

While commodities are recovering from the depths of the demand shocks that accompanied the rapid global spread of COVID-19 in 2Q, the road to full recovery is likely to remain bumpy.
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Fixed Income – Staying Selective

Within global fixed income, Citi analysts are overweight US bonds such as Treasuries and Investment Grade debt, and USD Emerging Market Debt. Global High Yield remains neutral.
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Allocating Equity Overweights More Broadly

A narrow focus on performance may accumulate overweights in the most over-valued assets in time. Citi’s Global Investment Committee is overweight global equity, allocating more broadly across beaten down sectors to increase diversification.
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