Hedge Funds Swap Yen For Dollar In New Carry Trade Strategy: Report
Hedge Funds Swap Yen For Dollar In New Carry Trade Strategy: Report
Hedge funds are now turning to the U.S. dollar for carry trades after pulling back from the Japanese yen for bets on emerging markets two weeks ago, according to CitiGroup.
基金現在在兩週前從日幣關注新興市場後，現在開始使用美元進行套戥交易，花旗集團說。
Investors retreated from using the yen for this investment strategy two days after the Bank of Japan raised interest rates from 0.1% to 0.25% on July 31.
日本銀行於7月31日將利率從0.1％提高至0.25％後的兩天，投資者即撤離了對這種投資策略的利用，據報道。
That interest rate hike and investors' expectations the Federal Reserve will cut rates by more than three-quarter points this year tarnished the old strategy of betting on U.S. growth and low Japanese borrowing costs, Bloomberg reported.
那次利率上調以及投資者預計聯儲局今年將降低利率超過三分之一，使得扭曲的以美國的增長和日本的低借貸成本爲基礎的舊策略面臨挑戰，彭博社報道。
"We've seen our positioning sentiment on the U.S. dollar starting to turn much more bearish," Kristjan Kasikov, Citigroup's global head of FX quantitative investor solutions, told Bloomberg. "An environment where people are speculating about rate cuts has fueled risk appetite."
花旗集團的外匯量化投資者解決方案全球負責人Kristjan Kasikov告訴彭博社：「我們已經看到我們對美元的立場情緒開始變得非常看淡。人們正在猜測減息的環境加劇了風險偏好。」
Read Also: What Investors Should Know About Yen Carry-Trade Unwinding That Is Sending Global Markets Into A Tailspin
閱讀更多：投資者應該了解導致全球市場陷入混亂的日元套戥解除
The dollar is trading at its lowest point since March and hedge funds have been using it since Aug. 5 to buy emerging-market currencies, such as the Brazilian real and Turkish lira, Kasikov said.
自8月5日以來，美元交易在其自3月以來的最低點，對沖基金一直在使用它來購買新興市場貨幣，如巴西雷亞爾和土耳其里拉，Kasikov說。
But Citi expects global carry trades will perform well for a limited period as turbulence around the U.S. presidential election could lead to another surge in volatility, Kasikov said.
但花旗認爲，全球套戥交易將在有限的時間內表現良好，因爲美國總統選舉周圍的動盪可能會導致波動再次上漲，Kasikov說。
"We've been concerned about the FX carry trade for a while now," he told Bloomberg. "The U.S. elections, the political calendar, will introduce volatility to the market and risk aversion that will weigh."
他告訴彭博社：「我們一直擔心外匯套戥交易。」政治日曆將爲市場帶來波動性和避險情緒，併產生影響。
Price Action: Exchange-traded funds that track hedge funds trended downward into mid-day trading on Tuesday.
價格行動：追蹤對沖基金的交易所交易基金在週二的中間交易下降。
- IQ Hedge Multi-Strategy Tracker ETF (NYSE:QAI) slipped 0.22%
- Simplify Interest Rate Hedge ETF (NYSE:PFIX) declined 0.17%
- UPAR Ultra Risk Parity ETF (NYSE:UPAR) gained 0.73%
- Cambria Value & Momentum ETF (BATS:VAMO) dropped 0.88%
- ProShares Hedge Replication ETF (NYSE:HDG) fell 0.22%
- IQ對沖多策略跟蹤ETF（NYSE：QAI）下跌0.22％
- 簡化利率對沖ETF（紐交所：PFIX）下降0.17％
- UPAR超級風險平價ETF（紐交所：UPAR）上漲0.73％
- Cambria價值和動量ETF（BATS：VAMO）下跌0.88％
- ProShares對沖複製ETF（NYSE：HDG）下跌0.22％
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立即閱讀：
- Traders Resume Yen-Dollar Carry Trade As Bank of Japan Pledges No Rate Hikes During Market Volatility
- 日元-美元的套戥交易再次出現，因爲日本央行承諾在市場波動期間不會上調利率。
Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。