De leurs points bas en forte exagération en mars, et suite à 2 ans de baisse soutenue, la plupart des monnaies cycliques ont entamé un fort rebond contre le US Dollar, par ex le AUD, le NZD ou la GBP. L’EUR/USD a rapidement suivi, notamment à partir de mai avec l’annonce des prémises d’un plan de sauvetage fiscal sur toute la zone Euro. Nous pensons que l’Euro pourrait maintenant continuer à monter contre USD avec les autres monnaies cycliques sans doute jusqu’à la fin de l’é

From their climax lows in March, and following 2 years of a rather linear downtrend, most cyclical currencies vs the USD have performed a strong rebound, i.e. AUD, NZD, GBP. EUR/USD is also following suit especially from Mai as the premises of a coordinated fiscal plan in the EuroZone were announced. We now believe that EUR/USD along with other cyclical currencies could continue higher vs the USD into late Summer, with perhaps a short intermediate correction late July/early A

Following its strong sell-off in 2018, Bitcoin partially recovered, mostly following risk assets higher during 2019 and into early 2020. Similarly, it suffered during their drastic March sell-off and has since also seen an equally strong rebound. Going forward, we believe its dynamics continue to be correlated to risk assets and we hence expect it to resume higher, probably into mid/late Summer in the first instance. Over the last couple of years, Bitcoin has also been well c

The blitz sell-off in March triggered massive fiscal and monetary stimulus measures. These are indeed unparalleled on a historic basis. The subsequent recovery rally has been equally impressive and many risk assets have bounced back and are now in reach of their mid Q1 highs (some such as the NASDAQ100 are now already well above them). Shorter-term, since early June, risk assets have been consolidating at high levels· We expect this sideways/down move to continue another week