J. Safra Sarasin Cross-Asset Weekly

After the rapid retreat of the overcrowded Yen Carry Trade, the explosive Yen Rally has begun to win the Quiet State. If you look at the dollar-yen cross-rates and the sentence differences, it is not that it is completely closed, but it is not that the yen is even more mocking. If you notice that the appreciation of the Yen is now an all-rounder, then the young data can be displayed, while the most spectacular short positions are swinging in. Once you know that USD-JPY has reached an active level in the next period, it is possible that the pair is on a course of 140 degrees.

In the context of the Zinsen questions, we ask during the party the uninteresting policy of the central banks in the phasing of the long-term state sovereignty developments. While the long-winded annotations appear to follow a synchronized global sovereignty loop, I draw subtle differences from. Japan finds its still in a relatively relative stadium, where the Switzerland is written in the active sense of the word, and other federal states are a fact.

If you want to click on the large amount of the two quarters, the high expectations of the German Vorsaison will have had a great influence. The savings were somewhat heavier than the deposits. In the comparison of the previous quarters, Dennoch could see a solid growth forecast. If you use the sectoraler, you will see a set of cyclical consumers a power station. The weight of Amazon and Tesla are the sector of the first profit in the annual outlook on Beginning of 2021. The delivery of energy will take place in the best profit figures. A wide range of companies, the travel and home work of the car, long-distance and fast food chain, expects a consumer’s return, which dies in a number of small segments in the German war.

Von Dr. Karsten Junius, Chief Economist, J. Safra Sarasin

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