Some of the key themes prevailing over the past month since our last publication include a resurgence of risk aversion, increased conjecture over U.S. dollar diversification and a general reassessment of asset prices to more closely align with the prevailing economic reality. To this end, it would seem as though...

Currency movements in the past month are suggesting doubt about whether the global economy is on a smooth glide path to recovery, the view that many participants had seemed to hold. Although currency volatility is still much less than at the start of the year, it has risen recently. The...

The global economy remains in rough shape with data on second quarter activity showing some improvement but not enough to signal the end of the recession. Importantly, however, the tenor of economic forecasts has changed and after a period of persistent downward revisions to the growth outlook, projections are being...

Optimism about the apparent ending of the recession has been tempered by the reality of substantial further deterioration in employment conditions and ongoing struggles with state and local government budgets. Real GDP is expected to rise slightly during the third quarter as inventory liquidations slow dramatically and consumer spending is...