Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“Copper has been on fire lately, appreciating by over 20% since the beginning of the year. The move can be explained by investors expecting a broad economic activity rebound since the global manufacturing PMI returned to expansion last February. In fact, the second derivative in most countries’ manufacturing PMI has turned positive recently, along with the overall sentiment. As shown in our upper Chart of the Day, this environment generally favors copper relative to gold.
“Bottom Line: most bullish FMS since Nov’21 driven by optimism on rate cuts rather than EPS; 8/10 say cuts in H2 & no recession, FMS cash levels down to 4.
“While monetary policy divergences can impact the Canadian dollar, its broadest movements against the greenback have more often been a reflection of whether the US dollar is generally weakening or strengthening against a basket of major currencies. The euro is the most heavily weighted developed-currency alternative to the greenback.
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