Currency War

Yes, the Dollar is Above CNY7.0, but No, the Sky is Not Falling

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The world’s two great powers are at loggerheads.  Chinese nationalism meet your sister, US nationalism.  Import substitution strategy of Made in China 2025 meet your cousin Make America Great Again.   Paradoxically, or dialectically, the similarities are producing divergent interests that extend well beyond economics and trade policy.  Consider that the intermediate-range nuclear missile treaty between …

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Prospects of a No-Deal Brexit Weigh on Sterling

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Overview:  Unrest in Hong Kong and disappointing earnings reports from South Korea weighed on local equity markets, and the MSCI Asia Pacific Index fell for the third consecutive session.  European equities are edging higher in tentative trading.  The Dow Jones Stoxx 600 is firmer for the sixth session of the past seven.  US shares are …

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FX Manipulation: To Take Trump Seriously Means not Literally

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Through Republican and Democrat Administrations, no US president has found that a foreign country’s activities have risen to the level that can be considered manipulation for nearly a quarter of a century. Initially, the law required a judgment of intent. Intervention by itself, or even a pegged currency regime, was not proof of manipulation. Unsatisfied …

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