“The market needs to structurally and significantly reprice the trade war risk premium” with the announcements at the weekend roughly three times larger than what was envisaged, George Saravelos, head of FX research at Deutsche Bank, wrote in a note to clients. “For Canada and Mexico, we see this trade shock – if sustained – as being far larger in economic magnitude than that of Brexit on the UK and would expect both countries to enter a recession in coming weeks”
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