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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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Q: Are there any risks from the aggressive monetary stimulus on both sides of the Atlantic? Do you expect a longer period of divergence between the ECB and the Fed?

A: We have to look into the potential side effects. The benefits from the monetary policy decisions that we have taken since the beginning of the pandemic outweighs the indirect impact. Looking at the counterfactuals, where would have been if the ECB did not take the decision that it did?

Comparing the US and euro area economies is not on the cards. In terms of inflation, we are starting from a different base. The same is true of the fiscal policy and position in the recovery cycle.

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