I strongly doubt that this will be the beginning of wholesale diversification from U.S. dollars.
More Quotes from Stephen Jen:
They can't run out of U.S. exposure. They have Treasuries, cash, the whole yield curve, corporate bonds that they can invest in. They can even invest in paintings.Stephen Jen
People are still looking for an interest-rate cut, but it's not at all clear when that will happen. Expectations are very volatile, but the point is that the currency seems very reluctant to go down either way.
Stephen Jen
(After this week's Fed speakers) the bottom line is we will most likely know what the Fed will do before September 20. My ... hypothesis is the Fed will maintain its tightening path, uninterrupted.
Stephen Jen
Regardless of the decision on the euro, the U.K. is becoming so well integrated into the euro economy that investors are willing to invest in the pound as a proxy. That has made the pound surprisingly resilient.
Stephen Jen
It's all a very incremental process. They want to rebalance the capital inflows and outflows. Without a balance in flows, you wouldn't want to let the exchange rate find its own place.
Stephen Jen
With the strong labor report, strong retail sales, and the strong inflation report, market expectations of a sustainable U.S. recovery have increased.
Stephen Jen
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