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Globe and Mail
4 days ago
- Business
- Globe and Mail
BMO Launches Alpha Managers Hedge Fund, in Collaboration with Goldman Sachs Asset Management
/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS/ TORONTO, June 10, 2025 /CNW/ - BMO Global Asset Management ('BMO GAM') today announced the launch of its new Alpha Managers Hedge Fund ('Fund'), complementing BMO GAM's innovative suite of alternative investment strategies for accredited investors. The new fund combines high-conviction strategies from global hedge fund managers and aims to deliver alpha, low volatility and less correlated returns to traditional asset classes.
Business Times
27-04-2025
- Business
- Business Times
US dollar poised for worst 1st 100 days of presidency since Nixon
A dollar gauge is on track for its worst performance during the first 100 days of a US presidency in data going back to the Nixon era, when America abandoned the gold standard and switched to a free-floating exchange rate. The US dollar index has lost about 9 per cent between Jan 20 – when Donald Trump returned to the White House – and Apr 25, putting it on course for the biggest loss through the end of the month since at least 1973. The president's first 100 days in office in recent decades have been marked by strength in the country's currency, with returns averaging close to 0.9 per cent between 1973, when Richard Nixon began his second term, and 2021, when Joe Biden took office. Meant as a temporary measure, the so-called Nixon shock of 1971 caused the US dollar to drop, effectively ending the Bretton Woods system of fixed exchange rates established after the end of the World War II. Trump during the early innings of his second presidency followed through on various campaign pledges, introducing new tariffs and dialling up the rhetoric against China and other US trading partners. His tariff policy has led investors to pile into assets outside the US, weakening the greenback and lifting other currencies alongside gold. The euro, Swiss franc and yen have risen more than 8 per cent each against the US dollar since Trump's return to the presidency. 'The ubiquity of the US dollar and its role in international trade and finance came with deep trust in US institutions, low trade and capital barriers as well as a predictable foreign policy,' said Bipan Rai, a managing director at BMO Global Asset Management. 'Now? There are clear signs of erosion which points to a change in global asset allocation trends which don't favour the US dollar. We sense this is a structural shift,' he said. Trump's policy initiatives have also increased the risk of a US recession combined with re-accelerating inflation, limiting the scale of potential interest rate cuts by the Federal Reserve. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The president's comments about Fed Chair Jerome Powell – especially his threat to fire him – have put investors on alert, elevating concerns over the US central bank's independence. Trump later said he had no intention of firing Powell. UBS Group, as a result, cut its US dollar forecast for the second time in less than two months. Analysts stated that the greenback's performance hinges on the outcome of the US-China stand-off, which hasn't seen much progress in recent weeks. Deutsche Bank last week warned of a structural downtrend for the US dollar in the coming years, which could knock the US currency to its weakest level in more than a decade against the euro. Speculative traders, including hedge funds and asset managers, have increased their bets against the US dollar in April. The group is the most short dollar since September 2024, with bearish bets on the US currency worth about US$13.9 billion during the week ended Apr 22, according to data from the Commodity Futures Trading Commission. BLOOMBERG
Yahoo
25-04-2025
- Business
- Yahoo
Dollar poised for worst first 100 days of presidency since Nixon
A dollar gauge is on track for its worst performance during the first 100 days of a US presidency in data going back to the Nixon era, when America abandoned the gold standard and switched to a free-floating exchange rate. The U.S. dollar index has lost about 9% between Jan. 20 — when Donald Trump returned to the White House — and April 25, putting it on course for the biggest loss through the end of the month since at least 1973. The president's first 100 days in office in recent decades have been marked by strength in the country's currency, with returns averaging close to 0.9% between 1973, when Richard Nixon began his second term, and 2021, when Joe Biden took office. Meant as a temporary measure, the so-called Nixon shock of 1971 caused the dollar to drop, effectively ending the Bretton Woods system of fixed exchange rates established after the end of the World War II. Trump during the early innings of his second presidency followed through on various campaign pledges, introducing new tariffs and dialing up the rhetoric against China and other US trading partners. His tariff policy has led investors to pile into assets outside of the US, weakening the greenback and lifting other currencies alongside gold. The euro, Swiss franc and yen have risen more than 8% each against the dollar since Trump's return to the presidency. 'The ubiquity of the US dollar and its role in international trade and finance came with deep trust in US institutions, low trade and capital barriers as well as a predictable foreign policy,' said Bipan Rai, a managing director at BMO Global Asset Management. 'Now? There are clear signs of erosion which points to change in global asset allocation trends which don't favor the US dollar. We sense this is a structural shift,' he said. Trump's policy initiatives have also increased the risk of a US recession combined with re-accelerating inflation, limiting the scale of potential interest rate cuts by the Federal Reserve. The president's comments about Fed Chair Jerome Powell — especially his threat to fire him — have put investors on alert, elevating concerns over the US central bank's independence. Trump later said he had no intention of firing Powell. UBS Group AG as a result cut its dollar forecast for the second time in less than two months. Analysts stated that the greenback's performance hinges on the outcome of the US-China stand-off, which hasn't seen much progress in recent weeks. Deutsche Bank AG this week warned of a structural downtrend for the dollar in the coming years, which could knock the US currency to its weakest level in more than a decade against the euro. Speculative traders, including hedge funds and asset managers, have increased their bets against the dollar in April. The group is the most short dollar since September 2024, with bearish bets on the US currency worth about $13.9 billion during the week ended April 22, according to data from the Commodity Futures Trading Commission. Lei and Andrianova write for Bloomberg Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Los Angeles Times
25-04-2025
- Business
- Los Angeles Times
Dollar poised for worst first 100 days of presidency since Nixon
A dollar gauge is on track for its worst performance during the first 100 days of a US presidency in data going back to the Nixon era, when America abandoned the gold standard and switched to a free-floating exchange rate. The U.S. dollar index has lost about 9% between Jan. 20 — when Donald Trump returned to the White House — and April 25, putting it on course for the biggest loss through the end of the month since at least 1973. The president's first 100 days in office in recent decades have been marked by strength in the country's currency, with returns averaging close to 0.9% between 1973, when Richard Nixon began his second term, and 2021, when Joe Biden took office. Meant as a temporary measure, the so-called Nixon shock of 1971 caused the dollar to drop, effectively ending the Bretton Woods system of fixed exchange rates established after the end of the World War II. Trump during the early innings of his second presidency followed through on various campaign pledges, introducing new tariffs and dialing up the rhetoric against China and other US trading partners. His tariff policy has led investors to pile into assets outside of the US, weakening the greenback and lifting other currencies alongside gold. The euro, Swiss franc and yen have risen more than 8% each against the dollar since Trump's return to the presidency. 'The ubiquity of the US dollar and its role in international trade and finance came with deep trust in US institutions, low trade and capital barriers as well as a predictable foreign policy,' said Bipan Rai, a managing director at BMO Global Asset Management. 'Now? There are clear signs of erosion which points to change in global asset allocation trends which don't favor the US dollar. We sense this is a structural shift,' he said. Trump's policy initiatives have also increased the risk of a US recession combined with re-accelerating inflation, limiting the scale of potential interest rate cuts by the Federal Reserve. The president's comments about Fed Chair Jerome Powell — especially his threat to fire him — have put investors on alert, elevating concerns over the US central bank's independence. Trump later said he had no intention of firing Powell. UBS Group AG as a result cut its dollar forecast for the second time in less than two months. Analysts stated that the greenback's performance hinges on the outcome of the US-China stand-off, which hasn't seen much progress in recent weeks. Deutsche Bank AG this week warned of a structural downtrend for the dollar in the coming years, which could knock the US currency to its weakest level in more than a decade against the euro. Speculative traders, including hedge funds and asset managers, have increased their bets against the dollar in April. The group is the most short dollar since September 2024, with bearish bets on the US currency worth about $13.9 billion during the week ended April 22, according to data from the Commodity Futures Trading Commission. Lei and Andrianova write for Bloomberg
Reuters
04-04-2025
- Business
- Reuters
Canadian dollar pares weekly gain as jobs data lifts rate cut bets
Summary Canadian dollar falls 0.7% against the greenback Economy sheds 33,000 in March Oil extends selloff; tumbles 7.5% 10-year yield hits a near two-year low TORONTO, April 4 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Friday, giving back some of its weekly gain, as oil prices tumbled and domestic data showed the global trade war beginning to hurt the labour market. The loonie was trading 0.7% lower at 1.4195 per U.S. dollar, or 70.45 U.S. cents, after trading in a range of 1.4054 to 1.4242. It touched on Thursday its strongest intraday level since December 6 at 1.4025 as Canada avoided fresh tariffs on its goods. For the week, the loonie was up 0.9%. Canadian employment fell by 33,000 in March, the first decrease in more than three years, and the unemployment rate edged up to 6.7% as the uncertainty around trade tariffs took a toll on hiring. "It does feel like that we should see the labour sector come under a bit more strain in the coming months and that might require a bit more action from the Bank of Canada than the market was expecting," said Bipan Rai, head of ETF and structured solutions strategy at BMO Global Asset Management. Investors see a 65% chance the Bank of Canada would continue its interest rate cutting campaign at a policy decision on April 16, up from 50% before the data. The price of oil, one of Canada's major exports, tumbled 7.5% to $61.93 a barrel, adding to its steep decline the day before, as China hit back in an escalating global trade war with the United States. Any currency tied to oil "should feel some of that pain," Rai said. U.S. jobs data showed some resilience, which helped the greenback claw back some of its recent declines against a basket of major currencies. The Canadian 10-year yield was down 10 basis points at 2.829%, after earlier touching its lowest level since May 2023 at 2.783%.
