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Volatility likely to remain high during the summer
Weekly investor research
12 August 2019
US naming China a currency manipulator doesn’t change anything, but is a symbol of the White House’s political interference in key institutions. Venezuelan assets frozen while full-blown economic sanctions are announced. President Macri suffers heavy defeat in Argentinian primaries ahead of 27 October general election. Oil sell-off versus higher gold prices, point to further hedging against negative rates and recession. Volatility is likely to increase further as tensions between asset pricing and economic and monetary policy divergences abound.