Volatility may not be there, but the year was certainly eventfulpetar skakalov
Markets are keeping more quiet overall today with little to really latch on to in the final trading day of the year. Currencies are largely mixed while bonds and equities are retreating slightly amid year-end flows and positioning adjustments.
Despite the “volatility is dead” chants in the currencies space especially, it has been a hectic and eventful year in markets – particularly the last two months.
Among other things, we had:
*US-China trade tensions escalate, before a Phase One deal was reached
*Global economic slowdown continued with some green shoots towards the year-end
*We finally saw the ‘crazy’ inverted yield curve
*Major central banks dial up the easing bias, notably Fed, ECB, RBA and RBNZ
*Equities continue to rally towards year-end, BTFD mentality prevails
*Brexit deadline continues to get delayed
*UK had another general election to break the Brexit impasse
* Repo madness saw the Fed intervene in funding markets once again
*US-North Korea relations turn sour once again
*Middle East tensions continue to stay the course, Saudi oil plants got attacked
*Aramco finally reaches IPO and makes its debut in markets
*Hong Kong protests stir up further tensions between the West and China
Happy New Year and may 2020 be a wonderful and blessed year for you and your family and friends!