Cautious optimism on financial markets

Equities and bonds are up at the same time, which likely reflects the fact that market participants remain optimistic about the economic recovery and the impact of vaccination campaigns, but look at the surge in new Covid cases in big countries such as Brazil and India with concern. There are also the raising tensions between the US and Russia an financial risks in China. The USD is rather stable with the EUR/USD trading in a narrow range above 1.1950.