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The spike in safe haven sectors underscores a growing feeling that the massive hike in equities over the past few weeks may have run out of steam. Markets seems to have speculatively priced in the next couple of months of potential monetary and fiscal stimulus within a few weeks, but with the BOE and ECB meetings having come and gone with no new easing announced, market participants are nervous that this week the BOJ may again disappoint the reflationistas.
The real winners in this scenario appears to be the US markets and the US dollar. The DXY dollar index gained 0.5% and rallied to a four-month high on Friday.