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Forget the Fed, Sell Euro Buy Yen Is Answer to Divergence Trade
The policy-divergence trade is back -- just not the one currency markets have been waiting for. The euro-dollar trade that dominated foreign-exchange markets last year and for the first part of 2015 is looking exhausted, with the prospect of the Federal Reserve raising interest rates already reflected in the greenback’s value. The best way to profit from differences in central banks’ monetary policies is to sell euros and buy yen, according to Nomura Holdings Inc. and Societe Generale SA. They’re betting the European Central Bank will boost its stimulus program while its Tokyo-based counterpart stands pat -- an ... (full story)
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