• Negative on risk sentiment
• Still bullish on EUR/SEK
• We remain bearish on EUR/USD, but note rising risks
Market view
Risky assets have experienced some significant volatility after the Fed chief hinted at the potential for tapering already in Q3. In sum however, core long bond yields have risen, peripheral bonds have performed, and the stock market has managed to edge higher. Industrial and precious metals are looking wobbly, and “commodity currencies” have underperformed – possibly owing to weaker Chinese growth and new regulation.
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