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The FED rate hike this year should be 100% priced in. Hence and although the US Dollar did bounce a bit last week, we believe that it should continue its trend downwards for another couple of weeks. Indeed, we doubt that reflation assets are ready to accelerate up again juts yet (perhaps in a few weeks), while Growth and technology may correct more. We hence see some equity market risk into late June, which is confirmed by our views on USD/JPY and Gold, Jean-Francois Owczarczak, Director, Management Joint Trust and





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