Daily Flows

• With a slow close to last year, we saw a slow start to the year with ADI’s sitting flush with funding.
• A number of ADI’s are still showing last year’s pricing, so investors have been able to take advantage of higher rates from ADI’s such as ING and Judo Bank.
• As more investors start to make their way back from holidays, we will see a steady pick-up in activity this week.

Markets Reverse Course to Start the Year

• After two months of largely one-way traffic across a number of markets heading into the end of 2023, the start of 2024 saw somewhat of a trend reversal.
• While it could just be repositioning after such a large move it is still worth noting in what could have broader implications.
• We saw bond yields jump, while equities fell and even the USD found some strength.
• With holidays for many still in full swing, we are likely to see choppy price action until investors and traders get back to their desks.