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The Context 06.29.20

The Yen Week - Bias is Neutral-to-Bearish

Mixed, heavy drivers. Busy data calendars. The big one though will be late Tuesday and the Q2 Tankan, with the large manufacturing index tipped to dump to -31 amid the global lockdown. That would be a worst in over 10 years.

Brazil's Deep Economic Crisis, Political & Fiscal Risks Leave us Viewing BRL With Caution

The Real is one EM currency in particular that we retain a cautious outlook over the medium-term, with little scope seen for it to shed its title as the worst performing major currency ytd (USD/BRL +23%). This is based on a combination of factors, most notably lingering political risks and a deep economic crisis caused by the coronavirus that should keep fiscal risks elevated in H2.

US Investment Grade Weekly Wrap up: Record June, And Counting

Despite falling short ($22.916bln versus $28.1bln) of the average weekly estimate, last week's haul was enough to bring Investment Grade issuance for the month to $160.321bln, making it (1) the busiest June on record, topping June 2018's $110.512bln (2) the fourth busiest month of the year and (3) the seventh busiest ex-SSA issuance month of all time.

The Context

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