Global Liquidity levels edged lower again last week. Weak Central Bank liquidity growth – across all the majors – is a main factor. Another is the partial recovery of the US dollar. So far this month global liquidity has shrunk by US$2.4tr. Risk assets and cryptocurrencies are holding up well, supported by the liquidity expansion in Q1. If the current slowing trend continues, these asset classes may stall in Q3.
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