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BofAML _ Enero: perspectivas divisas, tipos y materias primas
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Martes, 10 de Enero en la sección: Articulos</strong>
    <h3 class="titulo_articulo">BofAML _ Enero: perspectivas divisas, tipos y materias primas</h3>
    Redacción
    <p><a href="http://rsch.baml.com/r?q=iFmfWEdj-3B9fOoKO-DO9A&e=presthaya.fixter%40baml.com&h=aZDxJA" target="_new"><img alt="" class="ilustraciones" src="http://lacartadelabolsa.com/images/ilustraciones/mlilio.jpg" style="border-style:solid; border-width:1px; height:100px; width:140px" />World at a Glance: January: the new administration</a><br />
•   Our core macro forecasts remain unchanged this month, as markets look towards the incoming administration of Donald Trump.<br />
•   We continue to look for a higher USD, including EUR-USD at 1.02 by mid-2017, and USD-CNY at 7.25 at the end of the year.<br />
•   Our baseline US10yr rate target for end-2017 remains 2.65% , although we do have smaller forecast changes outside the US.</p>
    <p><strong>Key forecasts in FX, rates and commodities</strong></p>

<p>The prospects of shifting policies under the incoming Trump Administration continue to drive market sentiment. Since our year-ahead piece, our macro forecasts generally remain the same, including our key baseline FX, rates and commodities targets.</p>

<p><strong>G10 FX: no changes</strong></p>

<p>We do not make any changes to our G10 FX forecasts, as we continue to expect a moderately higher USD, including targets for EUR-USD to fall to 1.02 in the middle of 2017, and USD-JPY to end the year at 120.</p>

<p><strong>EM FX: major forecasts also unchanged</strong></p>

<p>We also do not have any forecast changes in our major EM currency outlooks. We still look for USD-CNY to end 2017 at 7.25, rising to 7.35 into 2018, and in general maintain a robust USD-higher outlook against EM.</p>

<p><strong>Interest rates: small adjustments outside of US</strong></p>

<p>Our targets for US yields remain the same, including our expectation for the US10yr rate to finish 2017 at 2.65%. However, we do make adjustments in our yield targets elsewhere, such as with Germany.</p>

<p><strong>Commodities: unchanged</strong></p>

<p>We also keep our outlook for commodities the same as from our last monthly, highlighted by our expectation that oil prices will continue to modestly recover, averaging roughly around the $60/bbl level in 2017.</p>
    https://lacartadelabolsa.com/index.php/266138
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