Report
From surprise to surprise
Although leaks in the press on Monday prepared the markets for a 75bp hike in the Fed funds rate, this was not the case for the Swiss National Bank, which managed to keep its monetary policy decision secret. As a result, on Thursday, the Swiss franc’s relative appreciation against the euro was the strongest since the end of the PEG in 2015. The ECB also had a surprise in store with an emergency meeting on Wednesday, i.e. unplanned, aimed at curbing fragmentation in the euro zone. On Thursday, however, German sovereign bonds recorded their strongest intra-session sell-off since 2000. What fresh surprises will the French legislative elections and the euro zone PMIs hold in store for us this week?
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Céline Clari
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