Marios Maratheftis
Marios Maratheftis
basis buying doubts economic euro evidence german government market necessary people proceed
The market has its doubts that the new German government is going to be able to proceed with the necessary economic reforms, ... People aren't going to be buying the euro on the basis of this result, because we need to see some evidence that the new government will deliver.
agreement changes china leaving market sensitive shows strengthen
The market may see this as just rhetoric, and it shows they're not leaving China with any agreement to strengthen the yuan. The yen is most sensitive to changes in expectations on the yuan.
reason
It is technical, there is no real reason.
consistent market message
The message was consistent with what the market was already expecting.
dollar risk start worse
The dollar is down because of anticipation of tensions in the region. When things start to get worse it's the dollar that weakens. It's more to do with risk aversion.
comments hikes later positive rate shift
Fukui's comments are positive on a shift in policy, and we may even get rate hikes later this year. That is positive for the yen.
economic fact good investing investors japanese less missing overseas piece puzzle sign situation strong stronger translated
The situation with the yen is a very strong economic story which hasn't translated into a stronger currency. The one missing piece of the puzzle was the fact that Japanese investors were investing more abroad. Any sign that they're investing less overseas is good for the yen.
change seems testimony
Nothing in today's testimony seems to change this.
bad data helped market thinking true
The market started thinking that the data were just too bad to be true and this helped the dollar.
continue dollar dominating fed market rate short signals supporting term theme thinking until
The dominating theme in the market is yield. That's supporting the dollar and will continue to do so in the short term until the Fed signals it's thinking about the end of the rate cycle.
becomes bit clearer euro happening likely reforms result risk
There's a risk we get a bit of an overreaction to this result. We could still see reforms happening in Germany, and as the result becomes clearer the euro is likely to rebound.
buying euro market showing swiss textbook
The market is showing a textbook reaction, buying safe-haven currencies like the Swiss franc and euro and away from the dollar.
action comments excite market rhetoric
His (Weber's) comments are across-the-board hawkish... But the market has to see action. The rhetoric doesn't excite the market anymore.
appreciate believe china continue currency gradual rid
The currency will continue to appreciate at a gradual pace. We don't believe China will get rid of its gradualist approach.