After a strong rally in risky assets since the beginning of 2019, anxiety and concerns over global economic growth have returned. This was evident in currency markets last week where inflows returned to the U.S. Dollar despite a dovish Fed. Equity markets in Europe hit a wall with the Stoxx 600 ending a five-week winning streak. Meanwhile, U.S. investors are becoming worried about fading profits and possibly an earnings recession.
A better gauge of economic and financial conditions is to look at what fixed-income markets are pricing. Japan’s 10-year bond yields have fallen below zero once… Read More
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