Pressure points are building in global markets as the risk rally appears exhausted.
The downward pressure on EUR/DKK and DKK rates are likely to continue in coming months.
Negative interest rates have shown its limitations in Japan while the Riksbank signals that the transmission mechanism is broken.
We are in a weak USD environment as we are at the bottom of the 'USD smile'.
Core euro yields should fall further on ECB QE, low inflation expectations and political risks.
We are positive on EM equities relative to DM equities.
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