The U.S. Dollar Index, currently trading at $99.25, reflects a period of depreciation against its major trading partners. After a sharp 13% slide in the first half of 2025, the index entered an accumulation phase to establish a floor. Year-to-date gains remain a marginal 0.45%, stifled by persistent macroeconomic headwinds. The index is primarily constrained […]
Localized Stress Signals Fractures in Lower-Tier Spreads Read More »
By comparison, the US Dollar fell 9.78%, while the Thomson Reuters/Core Commodity Index edged up 0.44%—stifled by a decline in oil prices. Conversely, global equities (MSCI ACWI) surged 19.14%, and US Government Bonds (iShares 7-10 Year Treasury) gained 4.60%. Gold shined brightly in 2025, hitting all-time highs. Gold demand stems from four primary sectors: jewelry,
Rising gold prices: a win for miners, a boost for the TSX Materials sector. Read More »
International equities significantly outperformed U.S. equities in 2025, led by strong results in Brazil, China, Canada, Germany, and the UK. U.S. underperformance was driven by a weaker U.S. Dollar, differing central bank policies maintaining “higher for longer” rates, and a rotational shift away from the highly valued U.S. growth-oriented market. International equities delivered performance alpha
The harmony of doubt: are Canada’s technical and fundamental indicators in tune? Read More »
The S&P/TSX Composite Index advanced from Q2/2024 resistance putting the index at all-time-highs. Materials (24.73%), Energy (18.61%), Industrials (11.33%), and Financials (7.31%) have contributed to an index return of 9.72% YTD. Relative to the S&P 500, the TSX has continually lagged US equities since Q1/2023, due to our limited exposure in the technologies sector. Financials
With supplementing information from the commodities market, yield inversion, potential widening in credit risk, and mixed market internals, it’s imperative to stay with the current trend, with the needed aptitude to adapt to trend changes. If and when the market transitions to a declining structure, signaled by descending peaks and troughs, it will do so
Are we near a market top in US Equities? Read More »
Last year’s laggards are this year’s early leaders — the S&P/TSX Capped Information Technology, S&P/TSX Capped Health Care Index, S&P/TSX Capped Real Estate Index; up 20%, 13.4%, and 10.5% respectively, compared to 2022 drawdowns of -35%, 57%, and -24%. Should the broader market continue to develop constructively, ‘SHOP’ would be an excellent portfolio addition within
Last year’s laggards become this year’s early leaders. Read More »
The US Dollar Index is down -1.6% year to date, giving back grounds of 11.5% from its high in Q4/2022. Relative weakness in the US Dollar resulted in grounds gained for major US trading partners — Swiss Franc, Japanese Yen, Euro, and the British pound. The overall trend in DXY is negative — signified by
2023 has thus far, been great for international equities. Read More »
Global equity markets have been affected, to varying degrees, by the US dollar, tightening monetary policies, and unraveling geopolitics. Both developed and emerging markets have broken-down beneath summer lows to extend market declines. The trend in the US Dollar Index has been robust since its advancement in mid-2021. Year to date, DXY is up 18%
A quick glance at the lay of the land. Read More »
The ascending price move towards the long-term average following a substantial market decline is a positive inflection point to assess market opportunities and risk. Throughout 2021/2022, the persistently strong US Dollar has been a negative catalyst for developed and emerging equity markets. The latter generally has an inverse relationship and lag developed markets on a
Equity markets are approaching an inflection point. Read More »
The US Dollar Index broke out of a seven year consolidation while the CRB Index retreated on persistent dollar strength. The US Dollar Index, up 12% year to date, continues to display relative strength against the currencies of major US trading partners. The Euro in particular, accounting for approximately 60% of the index has depreciated
The US Dollar, a thorn in the side of commodities. Read More »
