The Phaserl


Time To Toss The Playbook

from Peak

Just when you thought the world could not spin much faster, global monetary events in 2015 have picked up speed. ~Buckle up.

Begun, The Currency Wars Have
A key macro theme of mine for some time now has been the increasing importance of relative global currency movements in financial market outcomes. And what have we experienced in this very short year-to-date period so far? After years of jawboning, the European Central Bank has finally announced a $60 billion monthly quantitative easing exercise to begin in March. Switzerland “de-linked” its currency from the Euro, China has lowered the official renminbi/US Dollar trading band (devalued their currency), China lowered its banking system required reserve ratio, the Turkish and Ukrainian currencies saw double digit declines, and interest rate cuts have been announced in Canada, Singapore, Denmark (4 times in three weeks), India, Australia and Russia (just to name a few). All of the above occurred within five (!) weeks.

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