The data suggests the big momentum positions which had mirrored carry trades have now been cut back to much more neutral levels, which should provide a good backdrop for carry trade rebuilding in the new year.
More Quotes from Daniel Katzive:
It's got to be the yen. That is the currency with the lowest yield and borrowers can be comfortable that the BOJ is not going to significantly boost their funding costs over the course of the year.Daniel Katzive
Short term, it is good to buy the currency on dips.
Daniel Katzive
The dollar is continuing to respond to the new shift in tone from the FOMC yesterday, and that has continued to work through, not only on the currency market but also on the interest rate and equity markets.
Daniel Katzive
There's more to the dollar weakness this week than just an adjustment in interest rates.
Daniel Katzive
We see strength in energy-related flows into the country, which underpins the Canadian dollar.
Daniel Katzive
The yen continued to strengthen this morning at the expense of high yielding currencies such as Australian and New Zealand dollars as well as the US dollar.
Daniel Katzive
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