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USD/MACRO CURRENCY UPDATE: Sideways price action has dominated the USD in the moves since the Easter break. The market is receiving very mixed signals from the Federal reserve with Governor Lacker calling for the first interest rate hike in June 2015, while Governor Kocherlakota is suggesting they should wait until the second half of next year. This sort of uncertainty would suggest the USD will struggle for conviction, either up or down. Elsewhere, the story is different. The European Central Bank meets Thurs...

GLOBAL MACRO UPDATE The global markets are moving in between conflicting forces. On the one hand Q1 US GDP printed a very low 0.2%, yet the FOMC is expecting growth to bounce back and has left the door open for hikes later this year. The market has taken a lot of the hikes out that had previously been priced in and this has had flow on effects to various asset markets. Rates across the globe have moved higher. Equities have moved lower, which would generally be USD supportive, but instead the big dollar has sold ...