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FX weekly: No doomsday (yet)
The Chinese green shoots continue, while US and European data continue to disappoint on aggregate. But, if we are all doomed, then why have cyclical equities been picking up and copper prices been rising? We stay long EUR/USD and AUD/NZD. If we are all doomed, then why have cyclical equities been picking up and copper prices (Dr. Copper) been rising? Even global small caps have managed to outperform over the past month, while haven assets such as gold, Treasuries, CHF & JPY have fared worse. The substantial easing of financial conditions in Asia and elsewhere as highlighted in the Devil’s Advocate more than a ... (full story)