Currencies
My thoughts on currencies, May 2025
My Thoughts on Currencies: Policy-wise in the US, 2025 has so far been a year of the ‘twin deficits’…
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…
Read MoreAnother Avalanche Warning on the Asian Currencies
The Taiwan dollar (TWD) appreciated by 7.5 percent against the dollar over the first days of May, purportedly triggered…
Read MoreMy thoughts on currencies
The future trajectory of the Trade War remains highly uncertain, with too many permutations for us to plan for…
Read MoreFT: Is the world losing faith in the almighty US dollar?
Amid the market’s abrupt turn away from the “American Exceptionalism” narrative, Stephen Jen delivers a sharp and timely perspective on the dollar’s path.
Read MoreWSJ: The dollar and the bond market’s ominous message for Trump
I think this editorial by Greg Ip underscores the biggest question mark in the market, besides the policy surprises: why US are bond yields not lower?
Read MoreThe Long-Awaited Dollar Correction Finally Commencing
We ceased to be dollar-positive some two years ago and stressed our bearish view on the dollar throughout H2 2024.
Read MoreSome thoughts on the US trade tariffs announced last night
There are three phases in this Trade War: (1) the US launches its ‘attack’, or retaliation for a history of unfair terms of trade; (2)…
Read MoreMy thoughts on currencies
In this wide-ranging note, Stephen Jen offers a two-layered view of the current macro landscape: one focused on the underlying…
Read MoreA ‘Mar-a-Lago Accord’ on September 22, 2025?
A ‘Mar-a-Lago Accord’ on September 22, 2025?: Reached on September 22, 1985, the Plaza Accord was an agreement by the G5 countries to coordinate….
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