Despite some better news recently, we still think that advanced economies face a tough couple of quarters, an outturn which does not seem to be fully discounted in financial markets. With this in mind, our view remains that risky assets in general will falter over the coming months and that the US dollar will recoup some of its recent losses, even as long-dated government bonds make small further gains.
In view of the wider interest we are also sending this Asset Allocation Update to clients of our Global Markets and FX Markets services.
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