In our view, a weaker Russian currency brings more gains to the overall economy, supporting the country during such ambiguous times.
Basically, if we look at the current situation, we have fallen quite essentially from the highs that we witnessed during the summer, and I suppose there are two factors that have played into this.
In my opinion, the latest data from Canada suggest that there probably is less economic momentum than the consensus had reckoned at present time.
Our evaluation for the Kiwi would be that it is trading rather cheap in terms of the fundamental levels.
Recently, we can see that the USD/JPY has moved upwards quite considerably, although from a fundamental perspective nothing has changed on side of the Yen.
I believe that much of a bigger issue is the effect on confidence of what is happening in Ukraine, rather than the sanctions themselves.
The oil prices remain inflated by fears of potential supply destruction due to the global tension.
I would rather disagree with the statement - if we look at the U.S. Q1 data, we can see that there has been a negative run of 3%, and the Q2 was up 4.2 %.
The current Pound situation complicates BoE's policy to a small degree.
Talking about the Euro zone currency, I believe we are probably looking at 1.25 within the next several months.
The main reason for weakening housing market within the Euro area is, of course, a slow economic recovery together with the unemployment rate.
We believe that price of gold would be dropping below the levels that currently see.
We believe that the Bank of Japan will respond to further data undershoot from here, especially once we get through more Q3 figures, which will be less impacted by the April sales tax hike.
In terms of effects on the EU economy it is probably not going to be very positive.
I believe the positive down revision is that the RBA saw stronger-than-expected growth in the first quarter, which largely came through exports growth.
I agree with the statement that Swiss house prices are extremely high and there is a risk that it could start to retrace.
This year the economy is still carrying the momentum we had expected it to at the start of the year.
The strong New Zealand dairy production season, along with rising European and US supply, is putting continued downward pressure on global dairy prices.
Leading indicators in Germany have certainly come off somewhat and other officials have indeed started to voice concern.
We remain relatively positive on the Sterling, because to our mind the BoE will start hiking rates after the summer
Indeed, we see Q2 GDP (Gross Domestic Product) tracking closer to 2.1% quarter on quarter annualized now, and we expect the Bank of Canada to revise their growth projection lower on July 16th.
I believe that US GDP for the first quarter has mostly fallen with a relative impact.
To my mind, further monetary support, which will ultimately result in a weaker Yen, can be triggered by two factors.
First and fore most that is going to be very important is the U.S. Dollar trend.