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Monthly Cash Review EUR Liquidity LVNAV Fund

Financial markets in August continued to weigh the benefits of reopening economies in Europe against the spread of the Delta variant across the continent and beyond. In broad terms, investors adopted an upbeat stance and remained in risk-on mode for much of the month. Economic data continued to paint an optimistic backdrop even if there were some signs that momentum was waning after the post-lockdown boost. Eurozone government bonds were a little weaker in the month, while interbank rates were largely stable throughout with few signs the European Central Bank was planning to tighten policy.