Epstein Secrets

is starting to approach silver 300% 250% 200% 150% 100% 50% 0% 3M-rolling annualized stdev of daily returns -Silver —Sltcoln —Gold Source Blomberg BoWAMm11 Lynch Gbbal Research A wide array of risks obscure the future of cryptocurrencles When examining the safety of any asset, volatility is no

ow appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current policy framework amid sluggish price developments. With little expected from the BoJ prior to the meeting, it was a non-event

if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda faced this year, and allows more fiscal stimulus by keeping the government’s borrowing costs at zero. The ECB cannot do this, in our view. We have be

0yr JGB. However, the Bo) appears to be concerned about the deterioration of financial institution earnings caused by flattening of the yield curve. Kuroda said that even if superlong-term yields rose slightly, he did not believe they would have to be lowered. He went on to say he was also giving conside

ance-decline line recently signaled for tactical USD strength and would turn outright bullish with a trend line break and new index highs. Chart 79: Bloomberg US dollar index, weekly chart with USD breadth measures MEBDXY Index - Last Price MISMAVG (200) on Close (BBDXY) LI9L47 Resistance: 1255 | A af" — ql a

CY17 cY18 CY16 CY17 cY18 m@BofAML m= Consensus (Bloomberg, as of 15 Nov 2016) Source: BofA Merrill Lynch f

ymakers that premature fiscal tightening is counter-productive for reflation efforts, especially when monetary policy is stretched. Even Bo) Governor Kuroda, who initially underplayed the risks from 2014 fiscal tightening, has recently acknowledged that loose monetary and fiscal policies will have a “syne

EM* EMBIG Gold -10 10 20 30 Source: J.P. Morgan, Bloomberg. See blue box on page 2 for description. www.jpmo

d rising growth expectations (chart of right) are ultimately bullish for the currency. Watch next week's BoJ meeting, led by newly appointed Governor Kuroda, for new reflationary measures. • The Euro area economy remains in recession, while policy makers are making little effort to reverse the contraction