deutsche-bank-polska2

“Euroglut” fixed income outflows from the Eurozone picked up in the autumn and are likely to accelerate further with a widening rate differential. By contrast, Japanese demand for unhedged USD assets has abated at current spot levels. Political and financial stresses in the Eurozone periphery favour a dovish surprise from the ECB in December relative to market expectations, while the yen only stands to benefit from a potential negative shift in the ‘benign Trump’ paradigm. Extreme undervaluation also provides more downside protection for the yen.

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