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Effective Fed Funds Rate


(N2) Primary Trend Remains Up

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DOLLAR-ASIA: Monday saw Bank of America research note that "the fiscal policy
response towards the Covid-19 pandemic is being met with market relief, however
there is widespread concern among investors and analysts that this may not be
sustainable. The terms, debt monetization and currency debasement, are being
bandied around and a number of EM currencies are seeing significant depreciation
pressure. We show fiscal concerns are negatively impacting IDR and MYR and to a
lesser degree CNY. PHP appears to have a structural break and is better
insulated against fiscal concerns, while THB could be under-pricing the risks.
Overall, there is not an extreme pricing of default or debt monetization, but
markets are watching IDR and MYR closely.".
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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