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The swaps market is flashing warnings there could be a dash for dollar liquidity on a scale last seen at the start of the pandemic, according to Mizuho International Plc. Andra Belcea, head of cross-currency swaps trading at Mizuho, flags the cross-currency basis — a measure of the extra cost non-US banks face when sourcing dollars offshore instead of ...
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Yen traders are bracing themselves for a redux of September 2022, when Japan intervened in the market to prop up the ailing currency in the wake of a central bank decision that reaffirmed accommodative monetary policy. With the yen already much weaker than it was then, and US interest rates unlikely to come down anytime soon, the mere lack of any hawkish ...
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