Currency Trading Update USD, EUR, JPY, RMB
The euro got off to a subdued start on Monday, having suffered its first weekly decline in five after a recent batch of weak economic data underscored challenges facing euro zone policy makers. If true, that could be positive for the euro, which stood at $1.2975, within striking distance of last week’s trough around $1.2920.
***Yen Gains as Stocks Decline, Europe Discord Boost Haven Demand
The yen advanced versus all of its major counterparts as Asian stock declined amid concern disagreement on debt-crisis solutions will curb European growth, supporting demand for haven assets.
***Bernanke Recovery Doubts Spur U.S. Investors’ Bid for Treasuries
U.S. investors are buying Treasuries at a faster pace than foreigners for the first time since 2010, aiding the government in its efforts to borrow as total public debt outstanding rises above $16 trillion. Government debt securities held by domestic buyers, excluding the Federal Reserve, rose 10.7 % in the first seven months of this year to $3.61 trillion, compared with a 6.9 % increase for countries from China
***RMB Approaches Five-Month High on Yield Premium
The RMB rose, approaching a five- month high, on speculation the widening yield premium to hold Chinese bonds over Treasuries will attract inflows.
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Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
Chinese Society of Economists
American Economic Society
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