
The equity and credit markets rallied and the US yield curve bear steepened after the first executive orders and the salvo of announcements by President Trump on trade tariffs, tax cuts and the desire for lower oil prices and interest rates. The correlation of the dollar and the shape of the Treasury curve is going through a first and tentative regime change, although the proximity of the Fed and ECB meetings next week calls for caution in drawing premature conclusions, Societe Genrale’s FX experts note.
US Dollar falls out of favour.
“It is noteworthy that the CAD and MXN
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