Richard Benson

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Last quote by Richard Benson

Something is not right in the commodities space and it has not been right for two weeks. The dollar is strong after the Fed but the euro cannot go down at the moment. With commodity prices falling, that means the strength plays out in the commodity FX space.feedback
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May 04 2017
Richard Benson has been quoted 26 times. The one recent article where Richard Benson has been quoted is Commodities nerves grow after Fed boosts dollar | Reuters. Most recently, Richard Benson was quoted as having said, “Something is not right in the commodities space and it has not been right for two weeks. The dollar is strong after the Fed but the euro cannot go down at the moment. With commodity prices falling, that means the strength plays out in the commodity FX space.”.
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Richard Benson quotes

There's not the same euphoria as there was in January. So many people got their fingers burnt and they have clearly been trying to engineer a December calm. For us it is a reasonable opportunity. A slow and gradual depreciation. It's a simple dollar bull trade, played through offshore forwards.feedback

It's going to be hard to have the energy to make new lows (on the euro) before the Fed.feedback

That will dominate tomorrow along with the nervousness around the OPEC meeting. In general, we are really loaded for the next three weeks.feedback

Emerging markets to the sword is the chatter. The question is whether the bond rout that we've seen lasts next week. It is pretty hard for U.S. stocks to keep rising when emerging is getting whacked, or for the dollar to perform against the yen if risk assets come under proper pressure.feedback

The only FX consensus position that hasn't been challenged this month is short sterling. If you got a Trump victory next Tuesday it would be majorly challenged. If we were to wake up to sterling at $1.2650 or higher, watch out, we could go anywhere.feedback

The polls are now roughly 50-50, but the probabilities are still hugely in favour of Clinton, given how the votes are spread out (per state). The question is whether people decide to reduce risk ahead of the election.feedback

Really the euro should have gained yesterday but this announcement of a Brainard speech right at the last moment before the blackout period for the Fed has made people nervous.feedback

I would say there's a lot of uncertainty on the yen, but on the euro yes there is doubt about the ECB's ability to do enough.feedback

Janet Yellen could not bring herself to raise rates when the conditions were perfect for it. She is not going to do it now.feedback

It's an extraordinary move for financial markets and also for democracy. The market is pricing interest rate cuts from the big central banks and we assume there will be a global liquidity add from them in the next few hours.feedback

The ECB are going to do nothing tomorrow. (ECB chief Mario) Draghi might try to play up how big their package of easing was a month ago, but I don't think he's really going to rattle the currency.feedback

Sterling does not normally react strongly to UK politics so this is probably due to Brexit.feedback

Clearly, the grown-ups all wanted to say 'let's calm down' and moves on currencies have been relatively muted.feedback

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