Dollar/yen: new range in 2002, but no trend
MARKET VOICE
With the yen taking centre stage in the FX markets recently, Marc Chandler (above), HSBC’s chief currency strategist in New York, updates his views on the currency following his article in the June 25 issue of FX Week
What we trade in FX is unique. Unlike debt instruments or equities, currencies in their pure form do not generate an earnings stream. It is difficult to model them. Policy makers say FX prices should reflect economic fundamentals so adamantly that one wonders who they are
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