Fishing for a Bottom to Dollar-Yen

Fishing for a Bottom to Dollar-Yen

photo: faungg Since the initial spike higher when the BOJ provided some operational tweaks to its asset purchase program on December 18, the dollar has fallen 5.6% against the yen through Tuesday’s low near JPY116.70.  We had warned that the break of JPY120 would spur a move to JPY118, and the move below JPY118 targeted the August low near JPY116.20. While […]

The Impact of ‘Currency Wars’ in Oil-Exporting Africa

The Impact of ‘Currency Wars’ in Oil-Exporting Africa

Since lower oil prices typically result in depreciation of the oil exporters’ currencies, the dramatic plunge of oil prices has severe implications for sub-Saharan Africa. After the global financial crisis, many emerging economies have coped with diminished global growth prospects by deploying direct government intervention and capital controls for competitive devaluation. In turn, advanced economies […]