Summary

• The global capital markets will enter May with a sense of transition rather than resolution.
• Bannockburn's World Currency Index, a GDP-weighted basket of the currencies of the dozen largest economies, recovered from its nearly 1.5% loss in March.
• The dollar appreciated in March, the first month of the war, but has trended lower in recent weeks.
• The very long-end of the Japanese bond market peaked on January 20, and the 30-year yield is around 20 bp lower, and the 40-year yield is off a little more than 35 bp.
• The Australian dollar remains one of the strongest G10 currencies. It has risen in two of the three months in each of the past three quarters.

The global capital markets will enter May with a sense of transition rather than resolution. Neither the Federal Reserve nor the European Central Bank nor the Bank of Japan meets in the month ahead. The market is

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