EFTA Document EFTA01458993

8 December 2015 World Outlook 2016: Managing with less liquidity Global Asset Allocation: The case for normalization Key themes and catalysts for 2016: After a record rise in the dollar. 2015 saw unusually negative US data surprises that were second only to 2002. Five and a half of the first six months saw a prolonged and sustained period of negative surprises as the lagged impacts of the record rise in the dollar combined with a second severe winter and port strikes. Following a brief p