Monthly Investment Strategy

June Global Macro Monthly - The European green deal

  • 28 June 2021
  • 10 min read

Key points

  • US developments dominate international markets. The Fed adopted a more hawkish tone at its latest policy meeting. Meanwhile White House spending proposals appear increasingly challenging to deliver.
  • Receding virus concerns underpin a more upbeat Eurozone. The European Central Bank remains supportive for now with Pandemic Emergency Purchase Programme purchases continuing to remain elevated.
  • China’s growth rates soften, although some domestic consumer recovery points to more structure. Yet credit growth deceleration may make the People Bank of China feel uneasy over the pace of deceleration.
  • US Treasury yields have been volatile, they remain broadly <1.50%, but real yields have gained at breakeven inflation expense.
  • The dollar has also gained significantly since the Federal Reserve meeting, up around 2% against a basket of currencies.
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