The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Head of FX Strategy
Summary: The US equity market closed lower yesterday, but well off the lows of the day, which was important to prevent a further post-FOMC cratering of risk sentiment as the Nasdaq 100 Index avoided closing at new lows. Elsewhere, the USD rally proved a brief affair and turned tail, the oil rally extended, and sterling is in crosswinds on a dovish BoE but positive noises from latest Brexit talks.
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