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JPMorgan's Advice to Currency Traders: Keep Calm and Carry On, Briefly
The prospect of additional accommodation from the People's Bank of China, the European Central Bank, and the Bank of Japan, as well as fiscal stimulus in the world's second-largest economy has the potential to breathe life into one of the foreign exchange world's favorite trades. But an analyst at JPMorgan Chase is warning currency traders not to get carried away with this more supportive backdrop for risk-taking. "[T]he FX carry trade revival should be brief and narrow," wrote John Normand, JPMorgan's head of FX, commodities and international rates research. The key reason: They're all carry trades with Chinese ... (full story)
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