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• Asian intervention

  Date: 2 October 2009
  Author: Anubhuti Sahay, Brandon Loe, Brian Verlaan, Callum Henderson
  Region: India, South East Asia, North East Asia, Middle East & North Africa, Americas
  Categories: Fixed Income, Foreign Exchange
  

  • Asian central banks are intervening to slow the pace of local currency appreciation • This will not reverse the trend; we expect AXJ currencies to outperform in Q4 • We forecast US NFP at -170 and expect the unemployment rate to rise to 9.80%

• The risk of FX intervention

  Date: 29 July 2009
  Author: Alvin Liew, Brandon Loe, Brian Verlaan, Danny Suwanapruti
  Region: Global Overview
  Categories: Fixed Income
  

  • AXJ central banks may slow currency appreciation; but not reverse the trend • Indonesia appears to be the Asian economy most tolerant of a stronger currency • Updates on US, Indonesia, Nigeria, and South African rates markets

• JPY – Will the BoJ intervene?

  Date: 17 August 2010
  Author: Callum Henderson, Eddie Cheung, Robert Minikin
  Region: North East Asia
  Categories: Foreign Exchange
  

  ...expect the BoJ to enact further policy easing and, if necessary, FX intervention as well • USD-JPY downside momentum is slowing, and we expect a...

• Thinking back to the future

  Date: 14 December 2009
  Author: David Mann, Manik Narain, Mary Nicola, Priyanka Chakravarty
  Region: Global Overview
  Categories: Foreign Exchange
  

  ...to the EUR • USD-JPY has not reached levels that would trigger intervention, based on historical experience • Moves in spot CNY are most likely to...

• Talking down volatility

  Date: 27 February 2009
  Author: Alvin Liew, Callum Henderson, David Mann, Manik Narain
  Region: Global Overview
  Categories: Foreign Exchange
  

  Policymakers are aiming at calming FX volatility through verbal intervention Unemployment increases as Japan’s industrial production fall a record 10% m...

• INR – Playing catch-up

  Date: 2 October 2009
  Author: Priyanka Chakravarty
  Region: India
  Categories: Foreign Exchange
  

  ...hedge ratios have kept USD-INR in ranges • We believe suspected RBI intervention has been limited to containing volatility • Sustained capital inflows and weak USD...

• Talking down volatility

  Date: 27 February 2009
  Author: David Mann, Manik Narain, Mike Moran, Priyanka Chakravarty
  Region: Global Overview
  

  Policymakers are aiming at calming FX volatility through verbal intervention US President Obama’s fiscal deficit plans are 12.3% of GDP...

• Words vs. Deeds

  Date: 28 October 2008
  Author: Callum Henderson, David Mann, Mike Moran, Robert Minikin
  Region: South East Asia, Europe, India, North East Asia, Africa, China, Americas
  Categories: Foreign Exchange
  

  ...than just words to resist JPY strength We expect Bank of Japan intervention vs. JPY strength Calendar: German and US consumer confidence, UK CBI report...

• Words vs. Deeds

  Date: 28 October 2008
  Author: Callum Henderson, David Mann, Marios Maratheftis, Mike Moran
  Region: Global Overview
  

  ...than just words to resist JPY strength We expect Bank of Japan intervention vs. JPY strength Calendar: German and US consumer confidence, UK CBI report...

• Reintroducing the SCB INR REER

  Date: 8 October 2009
  Author: David Mann, Priyanka Chakravarty
  Region: India
  Categories: Foreign Exchange
  

  ...2009 • This belies competitiveness concerns • The REER underscores our view of RBI intervention limited to containing volatility