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Central banks keep wrestling with the inflation conundrum. Also, China keeps central bankers and politicians increasingly awake at night.
Will the loudly-trumpeted fiscal boost for the US economy fall to dust, or will Democrats manage to secure a substantial package of measures after all?
The US economy is growing even faster than the economies in Europe, and the US is implementing more fiscal stimulus. However, the latter will not be as much as previously believed, as Biden’s plans will only partially be adopted by Congress. This is positive for EUR/USD…
Central banks insist the current inflation upswing is temporary. Indeed, in a few months’ time inflation will likely fall back, although we expect that inflation will be higher in the coming quarters to years than long-term interest rates imply.