Posts by Joana Freire
The Current Level of USDJPY: Stable but Unsustainable
Stephen Jen and Joana Freire argue that USDJPY near 160 may appear stable, but is difficult to sustain. Their latest note examines Japan’s negative real rates, oil-price exposure, Ministry of Finance intervention risk, yen undervaluation and the view that the next major move in USDJPY is likely lower.
Read MoreThe Left Side of the Dollar Smile Still Curved for Now
Stephen Jen and Joana Freire examine whether the left side of the Dollar Smile remains intact, why US Treasuries still dominate global safe-haven markets, and what fiscal risks could challenge the dollar’s role.
Read MoreChina is (Almost) Back
China is (Almost) Back: In a recent Eurizon SLJ Capital research note, Stephen Jen and Joana Freire examine China’s economic…
Read MoreUSD10 Trillion in Pledged FDI and the Triffin Dilemma
USD10 Trillion in Pledged FDI and the Triffin Dilemma: Stephen Jen and Joana Freire examine the implications of the large foreign direct investment pledges made to the U.S.
Read MoreGold: Powered by Structural Divestment from Fiat Monies
The surge in gold prices is not just about gold. In their latest note, Stephen Jen and Joana Freire argue that the rally reflects structural forces:
Read MoreThe Fed’s Record on Inflation Control: Not Great
How should the Fed’s performance be judged? In their latest note, Stephen Jen and Joana Freire argue that inflation control offers a clear benchmark
Read MoreThe UK is Likely Moving to the Bad Side of the Laffer Curve
The UK is Likely Moving to the Bad Side of the Laffer Curve: The UK is in a fiscal bind; we are worried: the 30-year gilts yield reached the highest level since the late-1990s
Read MoreSection 899: Don’t Take It Too Seriously
We believe analysts may be taking Section 899 too seriously. (1) The proposed Section 899 will most likely not be enacted: it is meant…
Read MoreWhy is Resurrecting Manufacturing Important for the US?
Besides bolstering national security, (1) manufacturing has a multiplier factor of around three, i.e., the overall impact of manufacturing…
Read MoreThe Ferguson Law and the US’ Fight for a Small Government
The Trump Administration has been fighting to alter the trajectories of the US’ twin deficits…
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