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Investors buy gold and US Dollar as Fed voices dovish tone

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9 år sedan

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26 september, 2016

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Investors buy gold and US Dollar as Fed voices dovish tone Gold remains bid as the US Federal Reserve keeps interest rates unchanged. The Fed is signalling a December rate hike, but the market remains wary due to Yellen’s dovish tone.

ETF Securities Weekly Flows Analysis – Investors buy gold and US Dollar as Fed voices dovish tone

Gold remains bid as the US Federal Reserve keeps interest rates unchanged. The Fed is signalling a December rate hike, but the market remains wary due to Yellen’s dovish tone.
Investors cut GBP short ETPs at fastest pace in a month, as the Pound plumbs 2016 lows. Meanwhile, investors polarised on the US Dollar view as long and short ETPs positions rise.
Global corporate bond ETPs see largest inflows on record, totalling US$11.4mn.

Gold ETPs inflows bounce back as market remains wary of December rate hike, totalling US$15.6mn. While the ‘no change’ decision by the FOMC was largely anticipated, the market remains wary, and is only pricing in a 59% chance of an increase in rates by year-end 2016. Investors uncertainty over the path of US monetary policy is providing support to gold prices, against the backdrop of a weaker US Dollar. The market appears somewhat confused by the ambiguity of FOMC meeting outcome comments: although Fed Chain Yellen indicated that the case for tighter policy had risen, the statement’s tone was dovish. And while the Fed’s economic projections showed downward revisions to GDP, and inflation, there were three dissenting policymakers arguing for a rate hike. Indeed, the ‘dot plot’ indicates one rate hike in 2016, but gold prices will remain bid. The market will listen closely to central bank policymakers for more clarity as we move toward the December meeting, as long as the Fed appears divided.

Investors cut GBP short ETPs at fastest pace in a month, as the Pound plumbs 2016 lows. Sentiment is beginning to move in Pound’s favour as investors become more bullish, with investors cutting US$11.1mn of short GBP ETP positions, as GBP is closing in on the low levels reached in the wake of the EU Referendum decision. Although we do not see a near-term catalyst for significant GBP upside movement, we feel that all the ‘bad news’ is already priced in.

US dollar outlook polarised as short and long USD ETP receive inflows. The more dovish tone from Fed Chair Yellen at last week’s FOMC meeting took the market somewhat by surprise, with investors reducing bullish USD positions. Not only did short USD ETPs receive US$1.1mn, the second consecutive weekly inflows, but long USD ETPs also recorded inflows totalling US$2.8mn. We expect the US Dollar to move higher in Q4 and onward in 2017, toward the top of its trading range, as the Fed realises it may need to be more aggressive with monetary policy than the current ‘dot plot’ suggests.

Global corporate bond ETPs record largest inflows on record, totalling US$11.4mn. Central bank quantitative easing activities continues to keep sovereign bond yields in negative territory. As a result, we see further downward pressures on HY bonds yields outside the US due to portfolio rebalancing towards riskier assets within the fixed income universe as investors search for yield.

Key events to watch this week. CPI data from the Eurozone and Japan headline the economic calendar this week. Meanwhile, investors will be listening to central bankers hoping for greater clarity on the path for monetary policy. BOJ Governor Kuroda kicks off the week (with the BOJ’s minutes following on Tuesday), ECB President Draghi speaks twice, alongside Fed Chair Yellen and numerous other Fed speakers.

Video Presentation

Martin Arnold, FX and Macro Strategist at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.

For more information contact

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

Important Information

General

This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the ”FCA”).

This communication is only targeted at qualified or professional investors.

Liknande ämnen:ETF Securities gold ETPs Martin Arnold

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33GI ETF köper bara eurodenominerade företagsobligationer som förfaller 2033

Publicerad

10 timmar sedan

den

20 oktober, 2025

Redaktionen

iShares iBonds Dec 2033 Term EUR Corporate UCITS ETF EUR (Dist) (33GI ETF) med ISIN IE000E0NL9T3, strävar efter att spåra Bloomberg MSCI December 2033 Maturity EUR Corporate ESG Screened index. Bloomberg MSCI December 2033 Maturity EUR Corporate ESG Screened-index följer företagsobligationer denominerade i EUR.

Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller under det angivna året (här: 2033) i indexet. Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade. Löptid: december 2033 (Denna ETF kommer att stängas efteråt).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,12 % p.a. iShares iBonds Dec 2033 Term EUR Corporate UCITS ETF EUR (Dist) är den billigaste och största ETF som följer Bloomberg MSCI December 2033 Maturity EUR Corporate ESG Screened index. ETFen replikerar resultatet för det underliggande indexet genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kupongerna) i ETFen delas ut till investerarna (Årligen).

Denna ETF lanserades den 5 november 2024 och har sin hemvist i Irland.

Investeringsmål

Fondens mål är att uppnå avkastning på din investering genom en kombination av kapitaltillväxt och inkomst på fondens tillgångar, vilket återspeglar avkastningen från Bloomberg MSCI December 2033 Maturity EUR Corporate ESG Screened Index, fondens jämförelseindex

Handla 33GI ETF

iShares iBonds Dec 2033 Term EUR Corporate UCITS ETF EUR (Dist) (33GI ETF) är en europeisk börshandlad fond. Denna fond handlas på till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
XETRA	EUR	33GI

Största innehav

Emittent	Vikt %
BANQUE FEDERATIVE DU CREDIT MUTUEL SA	3.10
ORANGE SA	2.49
UBS GROUP AG	2.48
CREDIT AGRICOLE SA	2.18
TELEFONICA EUROPE BV	2.05
BAYER AG	1.98
MIZUHO FINANCIAL GROUP INC	1.97
BPCE SA	1.80
BNP PARIBAS SA	1.77
BOOKING HOLDINGS INC	1.77

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Tre nya börshandlade fonder från Xtrackers

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11 timmar sedan

den

20 oktober, 2025

Redaktionen

Xtrackers S&P 500 Defensive Shareholder Yield UCITS ETF investerar i 100 amerikanska företag som kännetecknas av hög och stabil avkastning till aktieägarna. Urvalsprocessen börjar med företag från S&P 500 som har en positiv direktavkastning. Dessa sorteras sedan efter deras direktavkastning och filtreras med hjälp av kvalitetsindikatorer som fritt kassaflöde, skuldsättning och avkastning på eget kapital.

Xtrackers S&P 500 GARP UCITS ETF investerar i 100 utvalda amerikanska företag med högt börsvärde. Urvalsprocessen granskar först hållbar vinst- och intäktstillväxt och utvärderar sedan kvalitet och värde.

Xtrackers S&P 500 Market Leaders UCITS ETF investerar i 50 stora amerikanska företag med högt börsvärde som anses vara marknadsledare. Företagen väljs ut baserat på deras marknadsledarpoäng, som består av hållbar marginal för fritt kassaflöde, avkastning på investerat kapital och marknadsandel.

Namn	ISIN Kortnamn	Avgift	Utdelnings- policy
Xtrackers S&P 500 Defensive Shareholder Yield UCITS ETF	IE000SRQBBT6 XUDY (USD)	0,25%	Ackumulerande
Xtrackers S&P 500 GARP UCITS ETF	IE0001TLQX55 XUGA (USD)	0,25%	Ackumulerande
Xtrackers S&P 500 Market Leaders UCITS ETF	IE000DVHJV46 XUML (USD)	0,25%	Ackumulerande

Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 596 ETFer, 203 ETCer och 282 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på cirka 25 miljarder euro är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.

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Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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