The Dollar Trap
For most of this year, the consensus trade was simple: sell the US dollar. Investors pointed to America’s twin deficits, mounting public debt, and the...
Tag: EUR
Europe Chooses Inflation Over Illusion
The European Central Bank has finally accepted what markets have been slowly discovering for months. The inflation shock is no longer an energy story. It...
Europe’s Inflation Trap Returns
For months, central bankers tried to convince themselves that inflation was dying peacefully. The post-pandemic shock was supposedly fading. Supply chains were normalising. Energy prices...
Europe’s Inflation Mirage Is Breaking Apart
For nearly two years, Europe comforted itself with a reassuring narrative. Inflation, we were told, was under control. The energy shock belonged to the past....
ECB, Waiting in the Smoke
The European Central Bank is edging towards caution rather than conviction. For now, the instinct in Frankfurt is to leave rates unchanged later this month...
Europe Calls Time on Rate Cuts
Markets are quietly, but decisively, signalling that Europe’s great rate-cutting adventure is already drawing to a close. Across the continent, investors are converging on the...
The Euro Finds Its Voice as the Dollar Trips Over the Fed
The euro has scaled its highest level in four years, brushing $1.1878 on Tuesday, as traders braced for the Federal Reserve’s long-awaited rate cuts. This...
The Euro Rallie and the ECB Quietly Panics
European Central Bank officials are beginning—reluctantly—to voice concern that the euro’s rapid appreciation may well derail their carefully choreographed attempt to anchor inflation at that...
America’s Corporate Titans Head for Europe – When in Doubt, Borrow in Euros
From Pfizer to Alphabet, the titans of American capitalism are increasingly borrowing in euros — and doing so with gusto — as President Donald Trump’s...