No clear trend on financial markets, except in Turkey

The slight decline in US bond yields contributed to restore some calm on financial markets, but the trend was not confirmed in Asia overnight. As expected, the ECB stepped up its bond purchases last week, which prevented tensions on long-term interest rates. The Turkish currency and the stock market posted declines of around 10% in the wake of the dismissal of the central bank governor. The downward correction is likely not over. The USD is rather stable otherwise, as it has been the case for around 10 days. The EUR/USD exchange rate is stabilizing just above 1.19.

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