After a necessary correction, the dollar looks to have stabilised
Most equity markets were lower last week except China. The impact of the end of the quarter and the end of the Japanese financial year continue to be felt, with a shortened week for Easter exaggerating the impacts for the next two weeks. With little momentum, noise traders take over and the importance of Fed actions becomes exaggerated, and nerves are heightened about signs of bear steepening in the US. • As the S&P approaches earnings season, markets are nervous of high multiples – this is the classic ‘sell in May’ mind set as we look into Q2. With poor liquidity almost everywhere, this suggests a pickup in volatility. The Japanese market is looking increasingly interesting however, from both a top-down and a bottom-up perspective. Read my weekly report, Market Thinking here: (VIEW LINK)
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