The key industry groups that seek to prevent seismic disruptions in the worlds biggest debt market arent waiting around to see if Treasury Secretary Steven Mnuchin can get Congress to lift the debt limit before America exhausts its borrowing capacity.The Securities Industry and Financial Markets Association, the $14.1 trillion Treasury markets self-regulatory body, is revisiting and revising work done ahead of previous debt-ceiling showdowns in a bid to lessen the potential market disruption should politicians fail to raise the debt ceiling in time...Read More
North Korea latest missile launch may have ratcheted up geopolitical tensions to a new level, but for bond and currency traders, the primary focus is still on U.S. monetary policy. Sure, 10-year Treasury yields sank to the lowest this year on Kim Jong Un provocation, while the dollar touched the weakest level since January 2015. But the episode may wind up being more of a distraction for traders, with crucial U.S. inflation and labor data ahead that could dictate the path for the Federal Reserve and financial markets for months to come...Read More
The also-rans of China stock rally this year, mainland equities have been overshadowed by the spectacular surge in their offshore-listed counterparts until now. As equities from Seoul to Hong Kong were felled by Tuesdays North Korea-inspired wave of risk aversion, Shanghai was one of the few benchmarks globally to rack up gains, driving home how much has changed in a market that was in the red as recently as two months ago...Read More
Even a hawkish Federal Reserve may not be enough to slow down what has become the most profitable trading strategy in the foreign-exchange market. Using the weakening dollar to finance purchases of higher-yielding rivals this year has generated outsize returns during a period of relative calm elsewhere. Thats been especially true for emerging-market currencies, where the gains are the most since 2009, led by a jump in the Mexican peso...Read More
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