All Currency articles
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White papersTrade is not the only drag on growth
Entering 2019, our main expectations were for slower growth, easier monetary policy globally and continuing pressure on bond yields. At a high level, that is how the year played out. But the path to those outcomes has at times surprised us.
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White papers
EM Debt: Warding Off Headwinds with Active Management
In this Q&A, Barings’ Head of Global Sovereign Debt and Currencies, Ricardo Adroguè, addresses the many risks facing the global economy—specifically China, Argentina and the Middle East—and explains why a skilled active manager is critical to performance.
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White papers
Special Report: Horizons 2020
Investors face a formidable set of challenges in 2020. These include some that are already widely flagged and others that are insufficiently appreciated. Understanding these pitfalls is central to assessing investment prospects. It helps investors manage risk and sometimes, where these are overestimated, it can aid the pursuit of opportunities.
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White papers
Global CDI portfolios: to hedge or not to hedge?
In previous articles, we argued that globally focused and actively managed core CDI portfolios could help UK DB schemes better meet future liabilities. However, given that the very objective of CDI portfolios is to generate predictable cash flows, the issue of currency management becomes crucial. Here, we explore various hedging strategies that schemes can employ and assess their effectiveness in delivering predictable cash flows in sterling.
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White papers
Making a Difference - Why ESG is Essential for Successful Investing in Emerging Markets Debt
The case for Emerging Markets Debt (EMD) is well-founded. Compared to developed markets fixed income, it offers higher yields whilst at the same time providing the benefit of additional diversification. Investors can choose to allocate to external debt, issued in a hard currency such as the US dollar or euro, or local currency debt issued in the issuer’s own currency; they can also choose to allocate to sovereign or corporate issuers.
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White papers
FX Options Are Poised For Growth
A renewed focus on electronic trading is essential to fuel longer term FX options growth.
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White papers
Q3 2019 - Emerging Markets Debt Monitor
Emerging markets debt (EMD) performance was negative in Q3. The local sovereign index was down slightly due to the strong USD and negative sentiment around the Argentinean election. External debt indices performed better, though this was driven entirely by the decline in UST yields. EM Equities had a weak quarter due to concerns around growth and trade.
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White papers
UK high yield turns a corner as no-deal Brexit worries fade
A UK general election, which may resolve the Brexit impasse, is just over five weeks away, while the no-deal threat has receded. In this more positive environment, UK high yield bonds - which have been shunned by investors in recent years - look increasingly attractive.
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White papers
Emerging Markets Debt: Taking a Hard (Currency) Stance
EMD performance was muted in Q3, but valuations remain attractive and emerging economies are growing at a measured pace. We continue to favor hard currency assets, which are benefitting from lower rate expectations.
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White papers
Infrastructure Debt: Steady Activity, Lingering Macro Doubts
Despite the expected seasonal summer slowdown, infrastructure debt financing deals remained steady overall in the third quarter of 2019—with strong activity in the U.S. and Canada, and slightly slowing activity in Europe, with a cautious eye toward Brexit.
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White papers
European Central Bank: Goodbye Mario, good luck Christine
Mario Draghi’s last European Central Bank (ECB) meeting as President of the Governing Council brought no surprises for investors. Rates were left unchanged, while markets continued to focus on the new round of asset purchases that begin next month. But Draghi’s tenure at the ECB has been anything but predictable, and his policy decisions will continue to influence markets and the European project even as Christine Lagarde takes the helm.
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White papers
Cool Heads: where next for sterling?
In this episode of Cool Heads, we look at how the pound has continued to whipsaw as Brexit deadlines come and go, tracking every political twist and turn. But that is just the short-term story. The long-term driver for sterling should be the prospects for the UK economy.
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White papers
Appraising home bias exposure
Studies have shown that pension funds have inherent biases to their domestic markets within their equity allocations. In this paper, FTSE Russell seeks to understand the impact of home bias in the equity allocations of five large pension fund markets—the US, UK, Japan, Canada, and Australia—by examining the extent of their home biases and analyzing their effects over a 12-year period.
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White papers
Why climate change also matters for government bond investing
Henry Odogwu, Head of the asset owner group Europe at FTSE Russell discusses how European asset owners are looking to extend environmental, governance and social (ESG) considerations beyond equity into fixed income
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White papers
Monthly Market Monitor - October 2019
Eaton Vance Monthly Market Monitor presents a concise review of economic and asset class data through clear and impactful charts. Providing timely information across a broad array of markets and investment topics, this guide serves as a helpful resource in providing connectivity between changing market events and implications for investor portfolios.
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White papers
The Survivability of the Euro - Part II: Analysis, Analogies and Antecedents
Invesco’s Future of Europe series aims to address some of the most pressing questions surrounding the euro, the eurozone (EZ) and the European Union (EU). Grounded in economic and political reality and drawing on both theory and experience, it seeks to provide investors with an informed and practical framework for assessment and decision-making.
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White papers
How The Dollar Explains the State of the World
The global economy may be changing more slowly than you might think. How the dollar continues to serve as the global currency standard and what it tells is about the economy and the world.
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White papers
Hunting for yield in frontier markets: Egypt
When smaller frontier markets put their financial houses in order and mature into benchmark names, early investors can earn attractive returns in these relatively niche, often overlooked places. Here we look at one example, Egypt.
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White papers
Fourth Quarter 2019 Outlook
In this edition of our quarterly outlook, Robert Tipp, CFA, Chief Investment Strategist explains that the secular conditions that fueled the recent gains in fixed income haven’t changed and, in fact, could intensify going forward in “Policy Uncertainty—Perfect for Bonds.” Next, Nathan Sheets, PhD, Chief Economist and Head of Macroeconomic Research, looks at the divide between the global manufacturing and services sectors in “Assessing the Two-Track Global Economy—Manufacturing vs. Services.”
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White papers
September Macro Dashboard
Global leading indicators ticked up slightly in August, but remain in contraction territory. While global growth has slowed, risks are tilted to the downside. The mounting toll of higher trade costs, decreased investment and dwindling confidence are weighing on growth.
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