Price action around quarter ends can be complicated to interpret. This is especially so in fixed income and FX as we approach the Japanese year-end. If it wasn’t challenging enough, we also have a slew of event risk this week. On the data side, we have preliminary March European inflation and US PCE. As discussed in our last “Ask Me Anything Video” (10th March), we believe the inflation risks remain skewed to the topside simply because, for now at least, companies still possess pricing power, even in Europe.
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