 Global markets were buoyed by pervasive risk-on sentiment last week, with both FTSE and DAX setting new records and major US indices posting substantial gains. Even Hong Kong HSI extended its rally from January's lows by 25%, underscoring a broad uptick in investor confidence. In Europe, enthusiasm was particularly pronounced following the ECB's reaffirmation of its conditional guidance for a rate cut in June. BoE likewise moved closer to monetary easing, further lifting spirits in the financial markets. Currency movements, however, presented a more subdued picture, with most major pairs and crosses finishing within the previous week's range. Japanese Yen underperformed, giving back some of its recent gains, which were fueled by rumored market interventions the week prior. Sterling and Swiss Franc were the next worst, with the Pound reacting to BoE's dovish shift. Conversely, New Zealand Dollar emerged as the week's strongest performer, buoyed by its recovery against Australian Dollar, which faced pressure from less hawkish than anticipated stance from RBA. Canadian Dollar stood out as the second best, driven by robust job data that dampened expectations for an imminent rate cut by BoC. Euro ranked as the third strongest currency while Dollar and Aussie ended the week in the middle of the pack... |
