– Negative on risk sentiment
– Still bullish on EUR/SEK
– We stick to being bearish on EUR/USD
Market view
Risky assets have had mostly tailwinds over the past two weeks, with “risk on” prevalent in credit and stock markets. Core bonds have sold off considerably following the robust US nonfarm payroll readings. Peripheral bonds have underperformed, and iTraxx Senior Financials have widened. Commodities have been mixed, with metals rising and precious metals dropping.
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