All Currency articles
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White papersBitcoin, offices and emissions: Our monthly data-inspired series
In our monthly visual series on topical data themes, we look at whether Bitcoin could be the new gold, if COVID-19 has put pressure on London office rents, and the extent to which transport affects the carbon footprint of foods.
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White papers
Blog | Charting the impact of sovereign bond market inclusion
The impact of inclusion of a country’s bonds in a flagship local currency government bond index, is naturally of great interest for issuers and investors alike. An accurate overview allows market participants to anticipate corresponding asset flows and allows issuing governments to more accurately assess the impact to their local capital market of an inclusion event.
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Blog | Demystifying cryptocurrencies: A Q&A with Digital Asset Research
Since the introduction of Bitcoin in 2009, many investors have been intrigued with the world of cryptocurrency, yet a range of reasonable concerns have kept most away. A decade later, cryptocurrency has begun to move into the mainstream, with by many reports over 5,000 cryptocurrencies or tokens created. However, despite growing investor interest, many still struggle when evaluating digital assets, put off by the complexity of the space or previous negative sentiment associated with it.
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The Shifting Dynamics in Emerging Markets Local Currency Investing
In this paper, PGIM Fixed Income examines how dynamics in the Emerging Markets Local Currency sector have recently shifted in a more constructive direction.
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Japan: Policy continuity expected under Suganomics
Striving to consolidate power with a snap election, Mr. Suga vows continuity of Abenomics and hints at additional fiscal stimulus. Domestic politics aside, we expect global factors and positioning to play a key role for Japanese equities and currency.
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How to Repair America’s Brand
A country that seems so divided—even discounting for a heated election and a pandemic—starts to raise questions for global investors.
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The Federal Reserve Crashes the Currency Party
The U.S. dollar’s shine is fading. After more than a decade of appreciation, the dollar has been weakening over the past few months against other developed market currencies. After assessing the dollar’s underlying dynamics, we believe that the currency could be facing an inflection point.
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White papers
With a focus on liquidity, US dollar, sterling money markets have potential yet
Central banks provided economies with ample cash as the economic effects of the COVID-19 health crisis bit, driving down interest rates – and absolute returns – in the process, but as Philippe Renaudin, head of global money markets, tells senior investment strategist Daniel Morris in this interview, careful selection and diversification mean potential for competitive returns remains in money markets.
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Blog | The ripple effects of the falling US dollar
Following a long rally, the US dollar slid 5% against a basket of other major currencies in July, marking its worst monthly decline in more than a decade. The causes and ripple effects of this drop have important implications for future market performance.
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Gold mid-year outlook 2020 - Recovery paths and impact on performance
Investors have embraced gold in 2020 as a key portfolio hedging strategy. Looking ahead, expectations for a faster recovery (V-shaped) from COVID-19 are shifting towards slower recovery (U-shaped), or potential setbacks from additional waves of infections (W-shaped).
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US Dollar Poised to Fall Sharply
According to our Purchasing Power Parity (PPP) valuations, USD is extremely overvalued
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Spotlight on Sterling credit - Identifying opportunities
The strong recovery in sterling credit in Q2 can mask some underlying developments within the index, creating both risk and opportunity. Much of the current attractive credit premium at the overall index level may be attributed to a relatively small number of sectors and issuers, while in the current economic climate, even those sectors traditionally considered lower risk, may be more vulnerable than many investors think.
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White papers
Have traditional safe havens lost their edge?
COVID-19 has reminded investors of the importance of defensive positions within portfolios during times of stress. But are the ‘safe havens’ of the past still up to the task?
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Emerging Markets Investment Insight - Hard currency bond benchmarks: Investigating the carry factor
Over recent years, high yields along with healthy liquidity has made emerging markets (EM) hard currency debt a popular source of investment returns. EM hard currency debt is exposed to US interest rate risk and EM credit risk. In this publication, we assess the dynamics between these two risk factors.
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White papers
Trade 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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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
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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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.
