Themes:

​

04 / Executive Summary

​

05 / Mapping the markets

​

07 / As presented earlier this year, the “Trump/Reflation Trade” has been pausing, allowing better market re-entry during late Q2-early Q3 2017

​

11 / Timing and Tactical Insight - “Trump/Reflation Trade” could retrace further into midyear

​

18 / The Yen as a safe haven play: will it  last? Yes, it will

​

21 / Timing and Tactical Insight - The Yen will continue to accelerate up on risk-off considerations

​

27 / Gold: A reappraisal, as the precious metal leads the rik off movement with the JPY

​

30 / Timing and Tactical Insight - Gold, a reflationary asset with a defensive bias

​

37 / Beware of the impact of Fed tightening by increasing IOR, a new dynamic at play

​

41 / Timing and Tactical Insight - The yield curve may flatten further before it bounces later in H2 2017

​

44 / Splicing the markets - One last focus on the French Election, ... hopefully