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Monthly Archives: September 2017

MACRO VIEW COLUMNS: Bitcoin’s Quasi-Religious Status May Have Real Value

(Bloomberg) — It may be ill-advised to fight the bitcoin rally, even if conventional asset-price metrics suggest the cryptocurrency has little or no inherent value. The “bubble” may not last forever but it can potentially sustain for many years due to the strength of its cult. The most compelling bullish argument …

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THE ASIA FX/RATES DAYBOOK: FX/RATES DAYBOOK ASIA: Yen Follows USTs Lower as Aussie Plunges

(Bloomberg) — The yen tracked Treasuries lower after a soft 10-year TIPS auction added to downside pressure in the U.S. session, extending Wednesday’s Fed-induced selloff. The long end of the UST curve continued to outperform, narrowing the gap between five-year notes and 30-year bonds to the least since 2007. The …

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THE EUROPE FX/RATES DAYBOOK: FX/RATES DAYBOOK EUROPE: USD Advances; ECB’s Draghi Speaks

(Bloomberg) — The dollar extended gains after Federal Reserve officials maintained their forecasts for one more interest-rate increase this year and three additional hikes in 2018. TODAY ECB President Mario Draghi speaks in Frankfurt ECB’s Executive Board member Peter Praet chairs panel in Frankfurt ECB publishes economic bulletin Norges Bank …

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MACRO VIEW COLUMNS: The Fed Just Said Get Ready for Volatility — in 2020

(Bloomberg) — Traders have become so accustomed to a dovish FOMC, even when it’s tightening policy, that they seem to have forgotten what a hawkish Fed actually looks like. Wednesday’s statement and summary of economic projections offered a reminder, with the crucial 2017 and 2018 dot plot medians remaining unchanged…projecting …

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THE ASIA FX/RATES DAYBOOK: FX/RATES DAYBOOK ASIA: FOMC Dots Flatten USTs, Send USD Higher

(Bloomberg) — The dollar embarked on a relief rally after the Federal Reserve maintained its forecast for an additional rate hike in 2017 and three more in 2018; U.S. Treasuries sold off, resulting in a bear flattening as short-end yields jumped. WHAT TO WATCH BOJ policy decision BOJ’s Kuroda speaks …

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