Macro Strategy – Positioning for late cycle dynamics
The Russian invasion of Ukraine means the Dollar and other global risk-free assets will continue to be bid for the next few weeks but will ultimately unwind once the funding stress is over in money and FX swap markets.
Looking ahead, we are now entering a late cycle environment, and this implies a move to a more positive stance on US duration. We remain overweight non-US equities on the back of a significant valuation and sentiment driven gap that has emerged following the risk-off price action thus far.
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Javier Corominas
Director of Global Macro Strategy
Javier Corominas
Director of Global Macro Strategy
Javier Corominas is Director of Global Macro Strategy at Oxford Economics. He is co-responsible for global strategic asset allocation as well the tactical calls across all asset classes. Additionally, he has a significant focus on providing thematic macro strategy research to generate actionable investment advice for asset allocators, portfolio managers and corporate Treasurers.
Daniel Grosvenor
Director of Equity Strategy
Daniel Grosvenor
Director of Equity Strategy
Daniel joined Oxford Economics in June 2019. He is an equity strategist, responsible for developing our equity views across countries, sectors and investment styles. Daniel joined Oxford Economics from HSBC, where he spent a decade working within their global equity strategy team, in both London and Hong Kong, and was most recently the lead of their European strategy product. Daniel has a Bsc in Economics from the University of Bath.
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