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Aggressive easing from the Bank of England and presumed budgetary support from the UK government later is welcome coordination at a national level. Yet there seems little prospect of anything similar at the G7/G20 level. Expect risk assets to stay under pressure, with JPY and CHF staying bid. A broader dollar decline will be the story if the Fed goes near QE
National, not global coordination.
Today's move from the BoE was bold. The targeted measures seek to keep