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Igor Ojereliev is a portfolio manager at RGL Capital LLP
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  • USD Is The Greatest Beneficiary Here

    What have we learned from Bernanke today? There is no need to end QE because of market bubble. QE will end some time in the future as economy heals. This is clearly good for stocks, but eventual end of QE should temper their rise. This is probably not so good for bonds but as FED continues to buy this should temper their decline. However for USD this is close to best of everything. US economy is healing making USD assets more attractive and QE is coming to an end (some time) removing USD from "funding currency" status. So the trade here would be to buy $ vs other currencies and probably short gold as well.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: macro
    May 22 1:38 PM | Link | Comment!
  • Pressure To Find Income Accelerates

    And now there are 6 European countries with Negative 2 year government bond yields. I can only explain this as a "capital preservation at any cost" trade. However, as people need income, it is only a matter of time before those flows find their way into high grade credit.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Jul 17 6:26 AM | Link | Comment!
  • Dutch 2Y Goes Negative

    And now Dutch 2Y goes negative joining Germany and Switzerland. France at 8bps not far behind. Money will have to go somewhere to earn return. High grade credit seems to be main beneficiary for now, but HY should not be far behind.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: Macro
    Jul 13 7:23 AM | Link | Comment!
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