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- Risk appetite improves following significant uncertainty/volatility in the aftermath of “Liberation day”
- However, there is still limited clarity on the ultimate landing zone for US tariffs
- Market attention also focused on US fiscal & monetary policy, as well as geopolitical tensions
- Fed on hold for now. ECB near the end of its cutting cycle. BoE retains an easing bias
- The dollar has weakened further in recent weeks
- Euro likely to hold its gains, but high uncertainty still due to the evolving US policy landscape
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