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The Bigger Picture

Follow the outlook on major asset classes throughout the year with NBAD's Investment Strategy team

Bullish euro/bearish dollar trend to continue?

The Bigger Picture – 05 September 2017

Investors should not get too excited about short-run cyclical improvements in the Eurozone when the degree of required structural change remains substantial. The dollar has already discounted much Trump-related bad news for the time being, hence could easily bounce from current levels, limiting euro upside. We have revised our expected six-month trading range to $1.1200-1.2500 (from $1.0500-1.1700 previously).

Alain Marckus, FAB’s Director of Investment Strategy - Global Asset Management

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Fixed Income 2017 – Being selective

The Bigger Picture – 10 May 2017

At the beginning of the year, NBAD’s latest Global Investment Outlook said that 2017 would be better than 2016 for risk investing. As a result, we favoured equities over fixed income in our overall asset allocation. While it is not the end for fixed income in asset allocation, we believe that careful name selection is the key to returns in bonds.

Alain Marckus, NBAD’s Director of Investment Strategy

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Trump’s Tax Plan – A Dollar strength policy ?

The Bigger Picture – 26 April 2017

US President Donald Trump’s tax plan is said to seek 10% levy on offshore earnings. Such an initiative should get passed by Congress, and would be a further incentive for US corporates to generate more revenue ‘back home’ (…)

Alain Marckus, NBAD’s Director of Investment Strategy

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Bright Outlook for the US Dollar

The Bigger Picture – 23 March 2017

There are reasons to continue to be bullish about the US dollar, despite current softness, and to see it as a good buying opportunity. Interest rate differentials should help the dollar, and the Trump Administration’s policies are expected to be rolled-out during the course of this year, looking beyond current perceived delays. A materially better, and pro-business environment should result. As NBAD’s recent Global Investment Outlook stated it, this will not happen overnight though.

Alain Marckus, NBAD’s Director of Investment Strategy

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Oil companies wade into the crude oil debate

The Bigger Picture – 12 March 2017

Much restructuring has taken place in the MENA region’s oil industry, and the oil markets are rebalancing, helped by the agreement to reduce production by OPEC and some other producers. However, our outlook forecast for oil to trade in a range of $45-60 remains in place.

Alain Marckus, NBAD’s Director of Investment Strategy

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