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Citi Wealth Insights

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The global bond yield spike and its implications for FX

USD: The US bond yields spike and its impact - last week’s aggressive rise in US Treasuries (UST) yields sees the UST 10Yr yield touching a 1.60% high before ending the week at 1.40%.
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GOLD: The bull may be ending amid investor exodus

GOLD: A rotational shift into Bitcoin and other crypto assets by some retail and institutional investors is probably exacerbating Gold price weakness and the recent pace of outflows.
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RBNZ: More lukewarm on recent currency strength than RBA

NZD: RBNZ leaves all policy levers unchanged in its February MPS yesterday in line with Citi analysts and consensus expectations (cash rate (OCR) at 0.25%, its LSAP (asset purchase) program of NZ$100bn by June 2022 and its FLP unchanged).
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US rates in focus on Powell testimony and fiscal spending

USD: Fed Chair Powell’s semi-annual testimony to Congress – welcoming higher yields on improved outlook -
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GOLD: Losing its luster?

GOLD: Citi analysts moderately downgrade their 6-12 month outlook on Gold and pencil-in a less than 50% probability that bullion markets will post fresh nominal highs during the current price cycle.
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US exceptionalism continues versus the euro area and UK

USD: US Markit PMIs show continued strength and rising prices - US Markit Manufacturing PMI declines modestly to 58.5 in the preliminary February release from 59.2 in January but shows input and output prices running at multi-year highs while the Markit Services PMI rises to 58.9.
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