Marc identifies the following 4 drivers: "First, the tightening of monetary conditions in the euro area, amid some evidence that the regional economy is recovering and the German locomotive itself finding better traction. Second, the deterioration of Japan's trade balance and the aggressive pursuit of stimulative fiscal and monetary policy by the Abe government keeps downward pressure on the yen. Third, the Federal Reserve remains committed to buying $85 bln of long-term securities a month. This likely to persist through the year. Fourth, China's economy appears to have averted a hard landing."
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