In early 1995 I made my first trip to Japan. At the time, as a young market strategist at Swiss Bank Corporation in London, I had just seen USDJPY cart out nearly every levered trader on its freefall from 105 to 80. And when I arrived in Japan that Spring, I quickly...
I am putting the finishing touches on a commentary that highlights the some of the similarities between the 1995/98 period and the current environment. The focus is on Japan and EM - and needless to say, it will not paint a pretty picture for EM. I hope to send that...
So the verdict is in. Gold is settling down 8 to 10 percent from its pre-crash levels and the world feels mighty fine. Spoos are a few ticks from record highs and the Nikkei is Motte Isuma!! So much for the endless stream of comments suggesting that because of a Gold...
As one might have expected, I received quite a number of responses to Monday's commentary. While there were a few that expressed solidarity with the view that this gold sell-off is a POSITIVE sign for the GLOBAL reflation/recovery trade, most of the replies were...
What a wild week! While it felt great to be back in the risk pool just before last Wednesday's liftathon in spoos; the late week Yen strength, gold meltdown, JGB long-end volatility and Cypriot bailout shenanigans provided plenty to ponder. Of course the long term...
There is no question that the news from Japan has been extremely important for global markets. And to be sure, we have been arguing since November 2012 that significant changes to BoJ policy would be one of the primary drivers of ALL global asset prices in 2013. Some...
There is no question that the news from Japan has been extremely important for global markets. And to be sure, we have been arguing since November 2012 that significant changes to BoJ policy would be one of the primary drivers of ALL global asset prices in 2013. Some of my favorite commentaries over the past […]
