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A revealing chart…
Sep. 9, 2013 I was just looking at a chart of Citigroup stock and thought it looked eerily familiar. Sure enough, it’s looking a heck of a lot like the Yen. Why such a strong correlation? Because the...
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Yellen, the New Dynamic, and the Dollar
Oct. 9, 2013 A number of recent articles as well as comments from various FOMC members suggest that the decision not to taper in September was rather contentious, and ultimately came down to Fed...
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Equities – Seeking New Highs
Oct. 15, 2013 U.S. equity markets looked overbought and expensive in mid to late September, but the subsequent declines felt labored and even somewhat reluctant. On October 9 the markets made a modest...
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US Dollar: Rally Underway
Nov. 12, 2013 The dollar’s late October bounce off of nine-month lows has built up some solid momentum in recent days and is now beginning to resemble the early stages of a new bullish trend. The...
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JGBs – Higher Yields Afoot
Nov. 15, 2013 Japanese government debt currently stands at an astonishing 240% of GDP. The BOJ is buying 70% of all net government bond issuance, helping to keep rates contained, but an improving...
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Macro View – Taper Too
Nov. 22, 2013 Reading between the lines of recent Fed communications, it’s becoming increasingly clear to me that the Fed wants to exit its quantitative easing policies as soon as possible. Though...
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Yen, JGBs, and Real Yield Differentials
Dec. 4, 2013 Selling Japanese Yen has been a good trade again these last few weeks, as the six-month triangle consolidation pattern seems to have finally cleared the path towards new lows. But the...
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Periodic Reassessment: Yen
Yen (JYU4), July 29, 2014 General Assessment: Investors and speculators remain short the Yen and sentiment is also quite bearish, but recent trading patterns reveal little about the next big move....
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Yen, Sep. 22, 2014 Reassessment
Yen (JYZ4), Sep. 22, 2014 General Assessment: The Yen has fallen sharply against the dollar in recent weeks after breaking out of a multi-month consolidation pattern in late July and early August. The...
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Yen, Jan. 29 Reassessment
Yen (JYH5), Jan. 29, 2015 General Assessment: The BOJ has grown its balance sheet to some 60% of GDP and continues to print Yen at a rate of 80 trillion per year. Those numbers are truly massive and...
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