The Bank of England’s decision to buy UK Gilts to defend against mounting systemic risk helped to settle market fears initially. However, the sellers are once more flexing their muscles this morning.
Selling pressure is growing across major financial markets. We are seeing flow towards safe havens as higher-risk assets such as indices and commodities are being sold. The USD is once more a key outperformer.
With recession fears a key factor for market participants, economic growth data will be key for the calendar this week. The flash PMIs will be watched, whilst the RBNZ will be next to hike rates.
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