As we get to the peak of the hiking cycle and wait for the next move from the Fed, the BOE and the ECB, the markets are happy to extend gains and rally into the end of Q1. The surprising thing about Q1 was the lack of stock market volatility, the Vix remains below its average level of the past year.
The Chinese premier said on Sunday that there is still plenty of space for policy support, which could limit any downside for commodities at the start of this week. If China does support its economy, then iron ore may see a sustained rally after falling 17% YTD. If you want to know whether the market is upbeat about China’s economic prospects, then check out the price of iron ore.
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