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The dollar could abate adjoin added currencies authoritative acclaim spreads added adorable than equities during the coronavirus bread-and-butter meltdown, according to UBS Global Wealth Management.
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Hartmut Issel, arch of Asia-Pacific equities, arch advance appointment at UBS Global Wealth Management, told CNBC on Thursday in a buzz interview: “Since the aftermost ages or two, the dollar does not accept too abundant to action anymore. Across the lath we should see deepening of the yuan and the yen in the additional bisected of the year at the amount of the dollar.”
Issel added: “We anticipate there will [first be a setback] in areas like advance brand in the US and in APAC (Asia-Pacific), arising markets and high-yield bonds, but from a risk-reward point of appearance they will apparently accept added upside aback things go well.”
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“We see upside for the Yen and additionally for the batter and to an admeasurement we apprehend dollar weakness advancing back. From a clamminess point of appearance we anticipate bodies will attending added appear the axiological point of appearance at at crop differentials.”
The US dollar fell to a one-year low adjoin the yen of 103.76 in mid-March as fears over coronavirus mounted. It currently is trading at about 107.59.
The yen is about advised a safe-haven asset that investors usually army to during times of bread-and-butter distress.
He explained that banal markets accept rallied in contempo canicule afterwards hitting celebrated lows in March, but “credit markets accept been added hesitant”.
But Issel acclaimed there will be a time lag afore this happens, with acclaim markets accepted to booty at atomic six months to aces up.
“We anticipate balance in the US could bead abutting to 28-30% and yet the markets accept recovered so strongly. We think the markets are apparently due for a abeyance on the acclaim ancillary for at atomic six months.”
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The S&P 500 has rallied almost 25% from its everyman akin in 2020 in contempo weeks, but UBS Wealth Management thinks the added affliction lies advanced for the dollar.
With absorption ante so low, investors accept caked money into disinterestedness markets over contempo weeks.
JPMorgan, Citi, Bank of America and Morgan Stanley were alone a few of the big US banks to address balance aftermost anniversary during a agitated time.
Swiss cyberbanking behemothic Acclaim Suisse acquaint better than accepted balance Thursday, advertisement a 75% access in annual profits, but warned coronavirus could cavity profits as the year progresses
Issel has become the latest articulation to catechism why equities accept rallied so quickly.
Citi warned on Wednesday that stocks accept added to abatement during the coronavirus and afore that Goldman Sachs’ top architect Peter Oppenheimer accurate agnate apropos that equities accept rallied too sharply.
Bank Of America Investment Banking Interview Questions How To Have A Fantastic Bank Of America Investment Banking Interview Questions With Minimal Spending – bank of america investment banking interview questions
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