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After the Bank of Canada's rate rise last week, markets are primed for the next stage in central banks' retreat from quantitative easing.The ECB last month offered some pointers towards tightening, which helped propel the euro to a 14-month high against the dollar. Mario Draghi, ECB president, will not want to trigger much more appetite for the currency, so any remarks about the strength of the economy will be tempered with caution about the tapering timeframe. Investors want to know where Mr Draghi sits.Roger BlitzWill rising bond yields threaten eurozone equities?Over the past week eurozone equities have resumed outperforming their US counterparts after a wobble in late June. Analysts at BNP Paribas caution that a bout of sharply rising real yields threatens equity prices and could well leave the Euro Stoxx 50 lagging the S&P 500 as we saw during periods of turmoil in the fixed 2013 and 2015 . At least the Bank of Japan's unrelenting pursuit of monetary easing gives the dollar one main currency to lord it over – the yen has fallen more than 3 per cent in the past month. Elsewhere, however, the dollar is looking in the other direction.
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