April monthly reports published
Higher yields in the US versus almost unchanged yields in Europe during the month finally triggered a stronger dollar at the end of the month. At the same time the Swedish Krona continued to weaken against all other currencies and is now more than 7% weaker than at the start of the year. The main reason being the Riksbank’s failing courage to reverse the extreme monetary stimulus by once more postponing the first rate hike until the forth quarter of 2018. The criticism against the Riksbank is growing by the day and it will be interesting to see how long they stay in denial.
The results of the funds continue to reflect the tough environment with negative rates in Europe and low volatility. Excalibur ended the month at -0,36% where rising yields in the US was the most positive contribution and lower yields in Sweden the most negative. Trude ended the month at -0,89% where negative duration and a country spread gave more negative contribution than the relative value trades contibuted positively.
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