Actually, this is via Barclays. They expect 'modest' USD selling to end the month. Their 'wrap' of the month follows ...
- Risk sentiment was relatively subdued at the beginning of the month, due to geopolitical concerns, while the USD weakened on softer US data and lack of progress on the legislative agenda, tax reform and fiscal expansion.
- As a result, US markets showed only small gains during the month and did not significantly outperform other majors.
- The outcome of the first round of the French elections triggered a relief rally that broadly supported risk assets later in the month, boosting the EUR and European assets and inducing the model to generate a neutral signal for EURUSD.
- In the UK, the pound rallied after the surprise announcement of a snap election, which was seen as likely to strengthen PM May's mandate and reduce the likelihood of a hard Brexit.
- UK equities weakened during the month, but printed modest gains in dollar terms.
- Softer commodity prices weighed on the dollar value of Canadian and Australian markets, while fears of US trade protectionism brought additional downside to the CAD
What have Barclays missed that you think is important? (Comments welcome in the, err Comments please!)
