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The US Dollar keeps moving up against the Euro and most developed currencies

21 November 2016

After a busy week – and that’s an understatement – this week investors kept focusing on the impacts of Trump’s election at the White House.

As they sometimes do, assets classes have moved in their own way.

  •  Equities did not move that much and consolidated their rally. The risk/reward ratio looks unattractive to us, with rising rates eroding relative equity valuations.
  •  The selloff in US bonds that began last week (+37bps) carried on (+18bps). Markets deemed Janet Yellen’s speech hawkish, and that gave fuel to bonds vigilante
  •  Consequently, the dollar soared vs G10: +2.5% vs Euro and +3.6% vs Yen

Macroeconomic data was colorless and anyway markets are not focused on them these days.

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