Classic pause ahead of the Fed

No clear trend on financial markets: from one day to another, the European and US stock markets continue to go in opposite directions. Bond yields are almost stable, the USD as well. While the Biden’s administration promises to vaccine every US citizen by Summer, Europe is struggling to keep its vaccination campaign on track due to unexpected shortages. The IMF revised its global growth forecasts upwards, mainly thanks to recovery prospects in the US and China. Forecasts for the euro area and the UK have been revised downwards. By most metrics, Europe is lagging behind. The ECB warned it could seek to limit the euro’s rise that exacerbates deflationary pressures, but it had almost no impact on markets: the EUR/USD is trading just above 1.2150.

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