Macron wins landslide victory in low turn out French election
Last week was all about European elections with a Macron victory in France and the likelihood of a Tory Party
majority post the June election in the UK viewed favourably by the markets. However, once the dust settles we
still expect the Federal Reserve to lead the BoE and ECB in monetary tightening especially considering the
tightening labour market and Trump’s proposed fiscal loosening. Consequently, we don’t believe the long term
Greenback bull trend is over, but rather pausing for the time being. This week’s Bank of England decision on
Thursday will be the data highlight. With growing inflationary pressures it will not be long before both higher
rates and the unwinding of asset purchases will appear on the horizon.
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