Epstein Secrets

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ts may explain why Draghi gave up on the currency this week. But something has been lost in the process and the Euro could now 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 po

10 Global Cross Asset Strategy - Year Ahead | 30 November 2016 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014441 --- PAGE BREAK --- Chart 15: Eurozone PMI's point to solid growth Chart 16: Japanese growth expected to accelerate in 2017 60.0 3.0 58.0 —_.,. = 2.0 Forecasts 56.0 54.0 1.0 52.0 50.0 0.0

d long RUB/ZAR. The former has dropped as the EUR has weakened against the USD. We continue to think that the Swedish economy is more robust than the Eurozone and that the Riksbank will sooner or later have to adjust monetary policy accordingly. We see a lot more room for this pair to move in 2017, particul

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, PMI’s and consumer confidence pointing to a solid Q4 to follow. That quarter is currently tracking at 3.6% according to the Atlanta Fed. Chart 13: Eurozone PMI’s have picked up of late... Chart 14: US Consumer Confidence now at post-GFC highs 60.0 120 100 59.0 80 50.0 60 40 45.0 ———US Consumer Confidence

n for investors as we enter a busy year for European politics (see table opposite} is whether the populism train will gather pace or terminate at the Eurozone. Italy risks elevated, but risks two way and banks the bigger issue Although Italy goes to the polls this year, it is worthwhile starting with this

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ad | 16 November 2016 HOUSE_OVERSIGHT_014735 --- PAGE BREAK --- target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending q

rrill Lynch Global Research. Information relating to Non-US affiliates of BofA Merrill Lynch and Distribution o South Africa (Pty) Ltd, regulated by The Financial Service Board; MLI (UK): Merrill Lynch PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by t regulated by the Securities and