All Currency articles – Page 5
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White papers
Challenges and Solutions to the Cost of Investing in Emerging Markets Local Debt
In an environment of expanding negative rate securities across developed markets, emerging markets local bonds (EMLBs) continue to present attractive investment opportunities. Yet, unless active measures are taken, investing in EMLBs can incur extra transaction costs that reduce alpha generation.
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White papers
Initial repercussions of U.K.'s new prime minister
In the first week that Boris Johnson became Prime Minister of the United Kingdom, the Pound Sterling fell by 3.0% against the U.S. Dollar and the odds of a messy no-deal Brexit rose sharply.
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White papers
Yet Another Chapter in the U.S./China Trade War
With the U.S./China trade conflict intensifying, President Trump’s comments regarding 10% tariffs on an additional $300 billion on imports from China may have been intended to motivate quicker action from Beijing.
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White papers
Will trade tensions reshape the world order?
The protectionist wave will almost certainly have a chilling effect on the global economy. But trade growth was slowing well before the US-China spat. In the latest Ahead of the Curve, we assess whether the tariff war is disruptive or merely accelerating trends already underway. And will we find opportunities in this fragmented global system, or only challenges?
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White papers
China’s Currency Weakness: Not as Bad as it Seems—Yet
China’s currency depreciated this week, with the exchange rate rising to more than 7.0 renminbi per US dollar, unnerving investors and markets worldwide. Here’s the good news: we don’t think the renminbi will continue to weaken at the same pace.
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White papers
Is a New Front About to Open in the US-China Trade War?
Financial markets are focused on the ongoing trade war between the US and China—which goods and services are in play and what measures are being taken or threatened in each case. But the trade conflict could spill over into currency markets—and that’s a risk that bears watching.
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White papers
The Great Disappearing Trade Deal
The Great China Trade Deal evaporated before our eyes last week and investors should stop hoping it back into existence. In the increasingly tense relationship between Washington and Beijing, tariffs, retaliation and escalation are all just part of the furniture now.
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White papers
The ECB Steps Toward September Easing
The ECB took several critical steps towards a package of easing measures, likely to be initiated in September 2019. In sum, a first rate cut in September combined with tiering is all but a foregone conclusion. A decision on asset purchases is now highly likely, but it may come only in December, depending on how quickly a consensus can be forged.
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White papers
Green Bonds: Seeking New Opportunities To Invest For Good
Green bonds have quickly become common across jurisdictions, industries and currencies.
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White papers
Five Reasons Why Investors Are Turning To Emerging Markets Corporate Bonds
Hard currency emerging markets (EM) corporate bonds are an under-appreciated and under-owned area of fixed income.
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White papers
Third Quarter 2019 Outlook
In this edition of our quarterly outlook, Robert Tipp, CFA, Chief Investment Strategist and Head of Global Bonds, finds that in a low-growth, low-inflation world, the latter may be the more prevalent force in the coming months and quarters in “Investment Survival After a Rate Collapse.”
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White papers
Turkey: Inflation, Exchange Rate’s Pass-Through And Monetary Policy
Despite a huge collapse in activity, the Turkish inflation is still flirting with 20% yoy and the main monetary policy rate is stuck at 24% for 8 months.
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White papers
Factor Investing In Currency Markets: Does It Make Sense?
The concept of factor investing emerged at the end of the 2000s and has completely changed the landscape of equity investing. Today, institutional investors structure their strategic asset allocation around five risk factors: size, value, low beta, momentum and quality.
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White papers
The case for a core allocation to emerging market debt
A commonly held, but misplaced, belief that emerging market debt is an obscure and risky outpost of the fixed income universe has resulted in its under-representation in many portfolios.
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White papers
Indian elections: political continuity is positive but reform is what matters most
Prime Minister Modi led the NDA to a sweeping victory, with a full majority in Parliament and therefore significant political capital. There was some apprehension in the market ahead of the election and a clear majority will certainly soothe nerves.
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White papers
Adoption of SOFR and SONIA as Floating Rate Note Benchmarks
Read an update on adoption of SOFR and SONIA as benchmarks in the floating rate note (FRN) market.
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White papers
Gold/Silver Options Skews: Upside Risk Ahead?
U.S. monetary policy exerts a strong influence on the skewness of currency, gold and silver options. In a normal monetary environment where short-term interest rates are well above zero, investors tend to be more concerned about gold and silver prices rising abruptly than falling.
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White papers
Who Will Lead The World Economy?
When we talk about leadership, we also talk about rivalry… and 2018 was undoubtedly a particularly emblematic year of rivalry, especially between the United States and China, and to some extent, between the United States and Europe.
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White papers
Liquidity Insights: Euro FX Responds to Brexit, U.S. Inflation
There are many factors that can influence FX exchange rates, including event risk and fundamental economic data. To manage such risk, traders have often turned to futures and options. Recent events around the world have caused dramatic moves in exchange rates, particularly for currencies impacted by the chaos of Brexit.
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White papers
EM Debt: Investing with Cautious Optimism
Sovereign debt outperformed in Q1 as geopolitical headlines continued to garner attention and commodities rallied. Risks remain for the asset class but some notable headwinds have now become tailwinds.