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Eurizon SLJ Capital
  • Being Eurizon
  • Investments
    • Investments Overview
    • Local Emerging Markets Debt Strategy
    • Bond Aggregate RMB Strategy
    • Enhanced Currency Strategy
    • Global Macro Strategy
  • Research
    • Research
    • Advisory Services
    • The Dollar Smile
      • The problem is debt, not the debt ceiling
      • Rapid Erosion of USD Dominance as a Reserve Currency
  • Insights
    • Insights
    • Podcasts
  • Our Team
  • Media

Macro Research

My thoughts on currencies, May 2025

By Stephen Jen | May 22, 2025

My Thoughts on Currencies: Policy-wise in the US, 2025 has so far been a year of the ‘twin deficits’…

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The Ferguson Law and the US’ Fight for a Small Government

By Stephen Jen | May 14, 2025
The 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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Another Avalanche Warning on the Asian Currencies

By Stephen Jen | May 6, 2025

The Taiwan dollar (TWD) appreciated by 7.5 percent against the dollar over the first days of May, purportedly triggered…

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Made in the USA 2035

By Stephen Jen | April 28, 2025

The economic rivalry between the US and China is intense partly because it is as much a technology war as a trade war.

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WSJ: Xi is ratcheting up China’s pain threshold for a long fight with Trump

By Stephen Jen | April 24, 2025

In this follow-up note on the evolving US-China trade conflict, Stephen Jen provides a…

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My thoughts on currencies

By Stephen Jen | April 22, 2025

The future trajectory of the Trade War remains highly uncertain, with too many permutations for us to plan for…

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FT: Is the world losing faith in the almighty US dollar?

By Stephen Jen | April 17, 2025

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.

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The Risks of Export Dumping by China

By Stephen Jen | April 15, 2025

As tensions between Washington and Beijing escalate, Stephen Jen and Joana Freire explore a powerful second-order consequence: the redirection of Chinese

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WSJ: The dollar and the bond market’s ominous message for Trump

By Stephen Jen | April 11, 2025

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?

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The Long-Awaited Dollar Correction Finally Commencing

By Stephen Jen | April 7, 2025

We ceased to be dollar-positive some two years ago and stressed our bearish view on the dollar throughout H2 2024.

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Older Posts »

Recent Posts

  • Short Week, Long List: Trade, Rates & Fiscal Reckonings
  • My thoughts on currencies, May 2025
  • Trade Volatility, Fiscal Drift, and Central Bank Signals
  • The Ferguson Law and the US’ Fight for a Small Government
  • Another Avalanche Warning on the Asian Currencies

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