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Hardy: Looking to the US to see if appetite for risk is back on

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The markets moved on fresh dovish rhetoric from ECB President Mario Draghi, says Saxo Bank’s John Hardy. But the question is whether it will prove to be a temporary shift in risk appetite or a sign of real change?

Hardy points to the fact that the statements made by Draghi in the European Parliament coincided with a move from the Chinese authorities to boost the yuan. Fears over devaluation of the Chinese currency have been one of the main reasons for the risk-off sentiment in the markets since the start of the year.

With US markets closed on Monday, Hardy says he wants to see a full US session to confirm where risk sentiment is heading.