FX Market Sleeps Through Thunderous Stock, Bond Rally
The U.S. stock market’s best first half of a year since 1997 is in the books, as is a ferocious rally in Treasuries, and the second half is poised to be dominated by speculation about what the Federal Reserve will do with interest rates as cracks appear in the longest economic expansion on record. Despite the fireworks in equities and sovereign bonds, currency markets are stuck in some of the narrowest trading ranges on record.
Joining the latest episode of the “What Goes Up’’ podcast to discuss the first half and the outlook for the rest of the year are Pimm Fox, a blogger for Bloomberg Markets Live, and Katherine Greifeld, a reporter on the bonds and foreign-exchange team.
“If you want to bearish the dollar, and this is the beauty of currencies, you have to pick something you like better,’’ says Greifeld. “And from what I’m hearing from people, even if they’d like to make a bearish dollar call, it’s really hard to have conviction in that.”
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