tailieunhanh - Currency Strategy A Practitioner s Guide To Currency Investing Hedging And Forecasting Wiley_3

Tham khảo tài liệu 'currency strategy a practitioner s guide to currency investing hedging and forecasting wiley_3', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 80 Currency Strategy Figure Euro-zone capital in flows of an improving flow story for the Euro in the second half of 2001. This does not definitively suggest on its own that the Euro should appreciate against its major currency counterparts. It does appear to suggest however that the Euro should at the least be more stable and this is more or less what happened excluding the specific volatility caused by the tragic events of September 11. The IMF Quarterly Report on Emerging Market Financing Within the emerging markets the International Monetary Fund produces a quarterly report on asset market-related flows which is available on the IMF website. As an example of this we can take a look at the Q3 2001 report 6 which appeared to confirm that the events of September 11 significantly increased investor uncertainty and reduced risk tolerance at a time when market concerns were already high about global slowing emerging market fundamentals and the potential for credit events in particular emerging markets. There was an across-the-board sell off of emerging market assets and at least initially an ensuing drought in new bond issuance. In terms of the flow trends at work the major symptoms were a broad-based sell off in emerging market assets thus increasing the correlation between individual market returns and a general flight to quality among investors within the credit spectrum. Treasuries outperformed credit product for this reason. Some credit or spread products outperformed others suggesting 6IMF quarterly report on Emerging Market Financing Q3 2001. @Team-FLY Flow 81 20 10 -10 EMU Fixed Income Inflow Bonds Notes Surges -20 -30 J F M A M J J A S O ND J F M A M J J A S O N D J F MA M J J A S O 99 00 01 0 EMU Portfolio investment debt instruments bonds notes Figure Euro-zone fixed income inflows that the sell off was not entirely panic-driven and that some degree of differentiation was made. Not surprisingly financing by the emerging markets on international .