Macroeconomics

There is little evidence that the state of the global economy has changed significantly since our last review.

The FED interest rates were raised by another 0.25 % while last week the ECB decided to leave interest rates in the euro-zone unchanged. The assumption that the exchange rate could go up as a consequence of this proved to be correct, as the dollar broke the €1.30 mark. It had looked stronger for the last three weeks until last Friday when disappointing data on the US economy caused it once again to look vulnerable.

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