{"id":18119,"date":"2021-09-13T07:25:52","date_gmt":"2021-09-13T05:25:52","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=18119\/"},"modified":"2021-09-13T07:25:52","modified_gmt":"2021-09-13T05:25:52","slug":"rolling-back-incentives-on-the-way","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/rolling-back-incentives-on-the-way\/","title":{"rendered":"Rolling back incentives on the way"},"content":{"rendered":"<table cellspacing=\"0\" cellpadding=\"4\">\n<tbody>\n<tr>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">Gold<\/span>\u00a0 1790,825<br \/>\n(<span style=\"color: #008000;\">+0,17%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">EURUSD<\/span>\u00a0 \u00a01,1792<br \/>\n(<span style=\"color: #ff0000;\">-0,17%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DJIA<\/span>\u00a0 34625,50<br \/>\n(<span style=\"color: #008000;\">+0,04%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">OIL.WTI<\/span>\u00a0 69,875<br \/>\n(<span style=\"color: #008000;\">+0,44%<\/span>)<\/h4>\n<\/th>\n<th>\n<h4 style=\"text-align: center;\"><span style=\"color: #e2b365;\">DAX<\/span>\u00a0 15552<br \/>\n(<span style=\"color: #008000;\">+0,02%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p align=\"justify\">One of the main events at the end of last week was the ECB meeting where Christine Lagarde announced the start of a slow unwinding of the stimulus programme. It could be said that the ECB decided to prepare the markets a bit for the winter meeting, at which the central bank will already present a plan to wind down the programme.<\/p>\n<p style=\"text-align: center;\"><strong><br \/>\nEUR\/USD<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18120 aligncenter\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2021\/09\/EURUSD-1.png\" alt=\"EURUSD\" width=\"600\" height=\"279\" \/><\/p>\n<p align=\"justify\">We could say that the European Central Bank has now acted as a kind of shock absorber ahead of the key Fed meeting on 21-22 September. The fact is that all major banks in the world economy, be it the ECB or the Bank of Japan, are pursuing a coordinated monetary policy. This consists in redirecting liquidity in dollars, euros or yen from continent to continent by means of the institution of large commercial banks which are able to obtain funding. In this way they can keep the global economy afloat with liquidity.<br \/>\nTherefore, all current statements made by the banks are consistent with each other. With this in mind, we should assume that the Fed will not be making very loud statements at its meeting, but perhaps will make some initial statements. The unemployment report was disappointing. The Beige Book showed that the economy has started to slow down and the pace of recovery has fallen sharply. We can assume that the Fed will very cautiously announce a programme cut in December not in September and will not start a programme until 2022 at the earliest.<br \/>\nThere are still plenty of uncertainties in the market which make it impossible to predict what central banks will do in the near future. In any case, they will be very restrained as it is very easy to set the markets on fire right now.<br \/>\nWhat does the current situation say for the Euro exchange rate. Most likely, the movement in the range will continue, as there are no serious drivers for a breakthrough in this range. Then, closer to winter, the pair EUR\/USD might target the level of 1.16-1.15. One of the factors will be the cheapening oil, which will put pressure on all the commodity prices.<\/p>\n<p align=\"justify\">20.00 US Monthly Fiscal Status Report<\/p>\n<hr \/>\n<p style=\"text-align: center;\" align=\"justify\">Important Notes on This Publication:<small> <\/small><\/p>\n<p align=\"justify\"><small>The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0 1790,825 (+0,17%) EURUSD\u00a0 \u00a01,1792 (-0,17%) DJIA\u00a0 34625,50 (+0,04%) OIL.WTI\u00a0 69,875 (+0,44%) DAX\u00a0 15552 (+0,02%) One of the main events at the end of last week was the ECB meeting&#8230;<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-18119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rolling back incentives on the way | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"One of the main events at the end of last week was the ECB meeting 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