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| Investors speed up dollar liquidation – FT | |
| (about 3 hours later) | |
| Asset managers have been selling their positions at the fastest pace in a year this month, the outlet says | Asset managers have been selling their positions at the fastest pace in a year this month, the outlet says |
| Investors are selling US dollar positions at the fastest rate in a year as they expect lower rates next year after the US Federal Reserve ends its aggressive campaign of interest-rate hikes, the Financial Times reported on Friday. | Investors are selling US dollar positions at the fastest rate in a year as they expect lower rates next year after the US Federal Reserve ends its aggressive campaign of interest-rate hikes, the Financial Times reported on Friday. |
| Asset managers are poised to sell 1.6% of their open dollar positions this month, in the largest monthly outflow since last November, the outlet said, citing State Street, one of the world’s largest asset management companies. | Asset managers are poised to sell 1.6% of their open dollar positions this month, in the largest monthly outflow since last November, the outlet said, citing State Street, one of the world’s largest asset management companies. |
| The bank said investors have made “significant” sales daily since weaker-than-expected US jobs data was released on November 3. | The bank said investors have made “significant” sales daily since weaker-than-expected US jobs data was released on November 3. |
| “Flows in the past two weeks point to a rapid rethink with dollar demand,” said Michael Metcalfe, head of macro strategy at State Street. He added that recent greenback sales marked the unraveling of “an unusually large US [dollar] overweight” position. | “Flows in the past two weeks point to a rapid rethink with dollar demand,” said Michael Metcalfe, head of macro strategy at State Street. He added that recent greenback sales marked the unraveling of “an unusually large US [dollar] overweight” position. |
| “Investors think ‘if [rate cuts are] actually going to be delivered, then I don't need to hold as many dollars.’” | “Investors think ‘if [rate cuts are] actually going to be delivered, then I don't need to hold as many dollars.’” |
| November marked the worst monthly performance of the American currency in a year, with experts predicting that “sales by asset managers could just be the start of a longer-term trend among investors to reduce exposure to US assets.” | November marked the worst monthly performance of the American currency in a year, with experts predicting that “sales by asset managers could just be the start of a longer-term trend among investors to reduce exposure to US assets.” |
| According to the outlet, the weakness of the greenback plays into the hands of emerging markets as it helps them repay dollar-denominated loans and could prompt investors to flow back to developing economies after heavy sales of hard-currency debt this year. | According to the outlet, the weakness of the greenback plays into the hands of emerging markets as it helps them repay dollar-denominated loans and could prompt investors to flow back to developing economies after heavy sales of hard-currency debt this year. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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