sentix ASR Essentials 05-2016

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Macro and dollar concerns boost Bonds, Gold and EUR/USD

The latest sentix Economic survey underlines the degree to which participants have become downbeat on the global economic outlook, as momentum in Germany and the US has faltered. The eurozone overall index fell over 3 points to +6.0 in February, while the US index declined to its lowest level since October 2012 (at +3.7). Such macro caution is casting a long shadow across investors’ views on the medium-term outlook for markets. For one thing, heightened uncertainty over the global macro outlook is an increasingly positive theme for bonds. For another, recent dollar weakness chimes with an increasingly positive medium-term strategic bias on Gold, alongside an ever-more upbeat bias on EUR/USD. See Page 2 for charts.

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