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Fed, ECB and BoJ on the schedule
Fears of a trade war continues to damage short-term risk appetite in select markets. Despite MSCI world index hitting all-time highs, FX markets are finding it difficult to hold risk-on positions. Yet, if you thought last week was bumpy, this week is likely to feel like a roller coaster. With the Fed, ECB and BoJ holding policy meetings volatility is likely to remain elevated. The Fed should hike interest rates 25bp but traders need to watch for balance-sheet policy adjustment, in our view. As for the ECB, we are outside consensus, expecting Draghi & Co. to signal the end of asset purchases.