Themes:

 

1/Bonds’ and equities’ big picture: bond yields should peak soon, now that the SLR issue has been resolved; equities may switch back to positive covariance with yields

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2/China’s CNY will weaken sharply very soon, as the high valuation of the domestic currency starts to bite into exports. This May Hobble The Ongoing Commodity Bull Phase

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3/Gold may have a few weeks of price appreciation, and some weakness thereafter; massive US debt issuance should continue to support gold price longer term

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4/The commodities “supercycle” gets set to ignite base metals take-off as super-abundant global liquidity is put to work on major infrastructure projects; Chinese soybean and corn demand supercharges agriculture prices

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Splicing the markets - High Growth themes may stabilize from April