om oil to copper. The U.S. reflation expectation also boosted the greenback. European sovereign bond yields and the euro declined after ECB President Draghi announced a reduction in monthly asset purchases starting in 2018, but promised a longer duration of QE. China completed its quinquennial leadership

, such as relaxing the capital key or buying below the depo rate. QE tapering is therefore a risk and the market could start testing the ECB. Even if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda fa

(tax, deregulation, healthcare headwinds) and toppy multiples/high ownership of EU banks going into Qi results. They believe the pressure will be off Draghi to act on the deposit rate if the macro starts to reverse which may cause people to push back the assumed timing of European rate hikes and tapering.

edicted beforehand. For instance, currency traders can expect increased volatility every time the Fed member speaks, U.S. releases unemployment data, Draghi talks about QE efficiency, or elections take place. These days and hours are well known beforehand. Professional and responsible investors must have