Forex Institutional Research: Credit Agricole FX Daily
Key quotes from the Credit Agricole FX report:
FX Risk Index
At -0.09 (vs –0.19 on 21 April) our FX risk index indicates marginally lower risk appetite. The latest development was partly due to rising equity market volatility and outperforming defensive stock market sectors. FX volatility, in contrast, fell. From a broader angle, it must still be noted that the index remains close to the lowest level since December last year. From that angle it appears too early to speculate on returning risk aversion. Although the BoJ disappointed all those who expected additional policy measures as soon as this week, an unchanged stance from the Fed should prove more important to global markets.
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