The adverse market reaction to the slightly more hawkish tone of comments from the Fed yesterday looks justified to us. Indeed, market expectations for US interest rates are likely to rise further...

It is tempting to conclude that the New Zealand dollar is set to fall sharply. After all, on several measures, it is the most overvalued of the G10 currencies. But with the key driver behind the...

Given the twin threats from worries about a “hard landing” in China and the crisis in Ukraine, it is perhaps surprising that global equities have not already fallen more than they have. We think that...

The continued recovery in the price of gold confirms that it has retained its safe-haven status despite the slump in the first half of last year. We expect further gains. Less positively, yen strength...