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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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To: TobagoJack who wrote (48321)	4/8/2009 10:30:50 AM
From: Haim R. Branisteanu	Read Replies (1) of 217910

US DOLLAR VIEW: Naomi Fink of Bank of Tokyo Mitsubishi UFJ notes that the US Dollar Index (at 85.20 Weds) has "lost its positive correlation with stocks, and is losing its positive correlation with bonds," but is keeping a more positive correlation with options recently. With the US a deficit economy, any rebound in risk tolerance may not mean further recovery in the dollar. The greenback is currently firm for several reasons (US yield curve steepened, higher-yielding currencies "with flatter curves have suffered from repatriation to cash dollars," etc). As risk appetite improves, higher yielding currencies (with flatter curves) will retain their allure, "even if investments in dollar assets proceed, given the possibility to reap a greater yield differential between the long and short end of the dollar curve," Fink says. If asset recovery is indeed seen in coming months, official investors will have "an opportunity to permanently reduce allocations of dollar denominated ssets, even if the dollar is weak," she says. Provided by: Market News International

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