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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI continues to anticipate a broad-based.....>
FOREX: MNI continues to anticipate a broad-based weakening of Asian FX as
interest rate differentials turn increasingly in the USD's favour. While in most
cases Asian FX still yield more than the USD, their carry advantage has
diminished greatly. Crucially, the same is true in real terms as US trailing CPI
& breakeven inflation expectations have not risen as fast as interest rates.
- Taking the spread of U.S. over Korean real yields, the figure is currently
-75bps as Korean real yields are still higher thanks to much lower long-term
inflation expectations, which are largely justified by Korea's superior fiscal
position. However, what matters for currency performance is not the absolute
level of real yields but the change. Over the past four years, U.S. real yields
have moved significantly in the greenback's favour. As one would expect, moves
higher in U.S. real yields relative to Korea's have been negative for the won,
although this correlation has recently broken down.
- (MNI - For Full Story See Main Wire At 16:34 BST 05/02)
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.