Epstein Secrets

ow appreciate freely if Eurozone data keeps improving. BoJ only dovish major central bank The BoJ left its policy unchanged this week and Governor Kuroda justified the current policy framework amid sluggish price developments. With little expected from the BoJ prior to the meeting, it was a non-event

k off scenarios. As our Sentiment Survey shows, geopolitical risks are still one of the main risks for investors (Chart 24). What we like in EM In LatAm, we still like receiving rates in the belly of the Brazilian curve (Jan 21) and we closed Jan 19 receivers. We think there is room for some short te

ding out for the eventual benefits of (Schumpeterian) creative destruction, while Shirakawa was resigned to the structural drag from demographics. Kuroda has taken a leaf out of the Fed's much more activist playbook, raising the stakes (promising almost three times as much QE) and taking a lead in ta

however, heavy positioning and potential transitory increase in risk aversion could induce a temporary break in the appreciation trend. Figure 1: LatAm and Asia FX on overvaluation territory environment of reduced volatility. Nevertheless, as the deterioration of fundamentals slowly spreads from t

ater. This time, we expect a sharp selloff with an eventual recovery. Our bearish view on LatAm credits in particular is driven by 1) positioning in LatAm is heavier than in EMEA or Asia — watch outflows from IG crossover investors who will rethink their EM IG investments; 2) their exposure to commoditi

if Draghi succeeds, the Euro could strengthen in the meantime. In contrast, the Bo)’s new framework should address the sustainability challenges that Kuroda faced this year, and allows more fiscal stimulus by keeping the government’s borrowing costs at zero. The ECB cannot do this, in our view. We have be

the above mentioned global factors, for the last two years and the years 2013-2014 for the sake of comparison (Chart 64). We find that currencies in LatAm and EEMEA are more exposed to global factors than in Asia. Interestingly, LatAm and EMEA currencies are more sensitive to shocks in commodity prices