How Far Can the Euro Go?
- Date: 06/11/2017
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- Joe Spearing
The euro has been very strong this year (appreciating over 10% YtD against the dollar) Fair value (measured using PPP) is 1.33, suggesting the EURUSD pair is still around 15% undervalued In this blog post we use a FEER (Fundamental Equilibrium Exchange Rate) framework to investigate what level exchange rate….
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Causes and Implications of the Hong Kong Dollar’s 2017 Decline
- Date: 15/08/2017
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- Andrew Bloomfield, CFA
In light of the currency board arrangement which pegs the HKD to the USD at a level of 7.80, the Hong Kong dollar’s decline this year represents a sizeable exchange rate move. In this blog post we investigate the causes and discuss the implications for the Hong Kong Monetary Authority’s….
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The Divisible Labour Market? Thoughts on Haldane’s Speech on Labour Markets
- Date: 05/07/2017
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- Joe Spearing
The Bank of England’s chief economist Andy Haldane suggested recently that changes in labour market structure in the UK have led to a flattening of the Phillips Curve In this blog, we discuss the plausibility of this argument applied to a global context over a longer time horizon The Bank….
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Recent Trends in the RMB
- Date: 26/06/2017
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- Andrew Bloomfield, CFA
This year the RMB has bucked its recent trend and remained broadly stable against the US dollar for the first half of 2017. As the Trump reflation trade has unwound to some degree, and the dollar retraced, the RMB has seen some depreciation against its main trade partners. For policymakers….
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