Global markets enter the new week in a risk on tone with as market participants are positioning for no more rate hikes out of the Federal Reserve and pricing in cuts from Q2 2024. In last week’s low volatility, holiday shortened week this translated to a steady rise in equities (DOW hitting 3-month highs), a steady decline in the US dollar (DXY hitting 3-month lows) and a multi-year low in the “fear index” with the VIX dropping to its lowest point since 2020. With traders back at their desks and some key economic figures due this week we could see this narrative tested and likely see a bit more volatility in markets ... (full story)