Greg Gibbs
Greg Gibbs
appears bonds china coming flag foreign frequently global growth investment japan makers policy regard rising risk trust volumes
Much of this liquidity appears to be coming from China and increasingly Japan where investment trust growth is supplying significant volumes to foreign bonds with little regard to the rising global imbalances that policy makers frequently flag as a risk to the global economy.
hurricane market trading
The market has been trading on the hurricane news.
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Interest rate expectations will continue to support the Australian dollar.
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Recovering equities and still overall strong commodity markets suggests that there is little broad-based concern that central bank policy tightening will curtail global economic growth and there is still adequate global liquidity chasing higher risk assets and capping risk premiums,
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The Australian dollar has underperformed because there is a feeling it's past its best days in terms of a high-yielding currency.
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Obviously the market was well prepared for a change. Maybe the market is expecting some more calming comments from Fukui.
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The U.S. dollar might grind a little higher as the United States comes back from a long weekend. But I think it is going to be a quiet week.
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The sharp rally in the yen last week may not last. There is chatter about an impending policy tightening by the BOJ, but this is still around six months away at least.
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The yen has been a definite influence on Asian currencies. Korea definitely has one eye on the yen. I suspect Korea would hope the yen would move more than the won.
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Strong cyclical equities are often associated with greater global growth confidence, risk-seeking behavior and a stronger Australian dollar.