Geopolitical risk is diminishing. Inflation is back in the spotlight
The equity markets rebounded sharply, Treasuries (rates up) and the dollar (EUR/USD > 1.1350) fell, and of course energy prices rose. The announcement that some of…
Purchasing managers’ indices continue to be close or at historical highs in the manufacturing industry, pointing to strong growth in this sector. The small decline in the US ISM only shows that activity has ceased to accelerate in April. Bond yields are marginally down and the USD is rather stable: the EUR/USD exchange rate is trading in a narrow range around 1.2030.
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