Americas: Macroeconomic overview

The risk-averse environment ahead of the UK’s referendum on EU membership on 23 June is supporting the United States dollar index.

Investors have been taking money out of riskier assets such as stocks and emerging-market currencies, opting for safe-haven options such as bonds and the US dollar instead. However, the US Federal Reserve refrained from raising its benchmark interest rate in June, partly because of the UK’s referendum. This in turn limited gains on the dollar index.

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