Investment & Client Solutions Strategist
ALLOCATION PERSPECTIVE: Oil, caught in the cross-hairs of the currency war?
09.12.2014 - Raphaël Gallardo
Market analysis by Raphaël Gallardo, strategist of Investment and client solutions.
“ Despite rising geopolitical tensions (Iraq, Libya, Russia), oil prices have shed more than one third of their value since peaking at $115 at the end of June. Although the fall in the oil price is good news for western consumers, this phenomenon should nonetheless be analysed in a global context in order to draw any conclusions regarding asset allocation.
It is true to say that weaker oil prices impact western households in the same way as a cut in VAT, in that it enhances purchasing power within a segment of domestic spending which is otherwise difficult to reduce. However, the question arises as to whether the fall in the oil price corresponds to factors which are endogenous or exogenous to the global economic climate. “
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Raphael Gallardo graduated from the Ecole Nationale Supérieure des Mines de Paris, civil engineering course.
Raphael Gallardo began his career as a financial Engineer at Paribas in 1997, before joining the Economic Research division of BNP Paribas in 1999 and the Asset Management in 2005. In 2007, he became a Chief Economist at Axa IM.
He joined Natixis Asset Management in 2013 as an Investment & Client Solutions Strategist.