January 2021

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Themes:

 

1/Bond yields and equities may keep the uptrend for another two to three weeks, but watch out thereafter for falling yields and weak equities until mid-March

2/Gold is remaining under pressure as yields and DXY rise in the short-term; A trough should take place soon followed by a significant gold recovery

3/It’s unlikely that the US Dollar weakens significantly from here; we expect USD to strengthen by H2 2021

Splicing the markets - Procyclical commodities could keep their momentum into late Q1

Issue #49, 19th January

Q1 2021

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Issue #49,  19th January 2021