Insights

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Investment Insights 14 October 2020

Gold, monetary policy and the US dollar

After briefly exceeding USD2,000 per ounce in August, the price of gold has retreated more recently, prompting some commentators to wonder whether the rally that started in 2018 has come to an end. In this Macro Flash Note, GianLuigi Mandruzzato looks at the drivers of the price of gold and concludes that it will be supported by extremely accommodative economic policies and expectations of a weak dollar in the coming years. Historically, the price of gold has risen to compensate for the loss of value of the US dollar.

GianLuigi Mandruzzato

4 min read

Sponsorships 12 October 2020

Southbank Sinfonia perform exclusively for EFG at the Tower of London

The unprecedented circumstances of 2020 have had a huge impact on Southbank Sinfonia, especially as the young musicians come together each year from all corners of the globe to create an orchestra like no other.

Marketing & Communications

4 min read

Investment Insights 10 September 2020

Is a positive growth surprise coming?

Global economic data improved over the summer, often exceeding analysts' expectations. In this Macro Flash Note, GianLuigi Mandruzzato looks at the implications of the latest statistics on the growth outlook. The conclusion is that, although uncertainty is high, it seems likely that GDP estimates for 2020 will be revised upwards, especially in the US.

GianLuigi Mandruzzato

4 min read

Investment Insights 28 August 2020

The Fed’s new policy framework

Chairman Powell in his speech to the Jackson Hole conference announced several improvements to the Fed’s monetary policy strategy.1 In this Macro Flash Note, Stefan Gerlach outlines the main changes.

Stefan Gerlach

3 min read

Investment Insights 25 August 2020

Calendar issues boosted July eurozone inflation

The surprising increase of July eurozone inflation is due to calendar-related issues. In this Macro Flash Note, GianLuigi Mandruzzato explains that the delay of summer sales due to the Covid19 pandemic caused a surge in clothing and footwear price inflation but it is not the beginning of an upward trend.

GianLuigi Mandruzzato

2 min read

Investment Insights 17 August 2020

Should we be worried about rising inflation?

Despite extremely expansive monetary policies over a prolonged period of time, inflation has remained weak in most parts of the world. Recent data for July shows an unexpected uptick in inflation for some countries. Daniel Murray highlights some of the salient points in this Macro Flash Note, concluding that this is not the start of a persistent rise in inflation.

Daniel Murray

3 min read

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Insights

Gold, monetary policy and the US dollar

Southbank Sinfonia perform exclusively for EFG at the Tower of London

Is a positive growth surprise coming?

The Fed’s new policy framework

Calendar issues boosted July eurozone inflation

Should we be worried about rising inflation?

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