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  1. August 8, 2014

    Dollar’s recovery stalled by conflicts

    The dollar fell against major currencies after the US commitment to air strikes in Iraq became the latest geopolitical event...

  2. FT Alphaville

    June 27, 2014

    Do private sales affect public prices?

    It’s a tricky question for the Bitcoin community this morning, who just can’t decide. From the Bitcoin reddit: The drama...

  1. FT Alphaville

    June 24, 2014

    The central bank vol control game

    If this is all getting confusing… Sterling fell on Tuesday after Bank of England governor Mark Carney damped expectations of...

  2. FT Alphaville

    June 3, 2014

    Buy some things in May and go where you will

    Here’s your risk adjusted returns for May, from Barclays: Apparently the first May since 2009 that global equity markets...

  3. March 13, 2014

    Discerning different kinds of risk-off

    There are three themes currently driving currency markets, says Steven Englander, global head of G10 forex strategy at Citi....

  4. FT Alphaville

    January 7, 2014

    Some altcoin memes are more equal than others

    Bitcoin may be many things: a cheaper and more efficient payments mechanism, a decentralised form of QE, an extreme way to...

  5. November 27, 2013

    Yen favourite to fund carry trades

    As we have noted many times on these pages, implied volatilities in forex and sovereign bonds are low by historic standards....

  6. FT Alphaville

    November 7, 2013

    Fed wonk special, now with Q&A

    Some prominent Fed Reserve Board staffers recently put out two weighty papers in advance of the 4th Jacques Polak Annual...

  7. October 24, 2013

    ‘Bad news is good news’ mantra holds firm

    How much is the market dependent on expectations of more central bank stimulus? That’s the subject that continues to...

  8. FT Alphaville

    October 4, 2013

    Hold on, the periphery looks relatively calm?

    A telling chart from Citi’s Steven Englander: His contention is that the euro is “an island of stability in global asset...

  9. FT Alphaville

    October 1, 2013

    The shutdown and economic data

    From Steven Englander of Citi, a list of US data releases possibly now subject to delay because of the shutdown: And those...

  10. FT Alphaville

    June 12, 2013

    Interest rate wars

    That’s the new black according to Citi’s Steven Englander: Since May 1 the median increase in 10-year local bond yields in...

  11. FT Alphaville

    May 23, 2013

    Abenomics gets the Alphachat podcast treatment

    David Keohane and Kate “Frenzy” Mackenzie* are joined by Citi FX strategist Steven Englander to discuss all things Abenomics...

  12. FT Alphaville

    May 8, 2013

    Hopium and Japanese exports

    A surging stock market, increased corporate earnings (check out Toyota) and frothy domestic consumer spending are lending...

  13. FT Alphaville

    May 3, 2013

    Nowotny on Draghi and negative rates: "purple monkey dishwasher"

    From Reuters: LONDON, May 3 (Reuters) 13.04 – The euro pared gains while German Bund futures edged up on Friday after...

  14. FT Alphaville

    May 2, 2013

    99 Draghi trial balloons [updated]

    (With some header credit due to Mark Dow) He came, he cut, he stuck a load of fingers in the air… The tl;dr version of May’s...

  15. FT Alphaville

    April 3, 2013

    Expectations reconsidered at the BoJ

    Two charts for your morning consideration: What Citi’s Steven Englander says they show is that since 2010 dollar-yen has...

  16. FT Alphaville

    March 18, 2013

    Teaching a lesson, lesson learned

    Sometimes German doesn’t translate very well. Citi’s FX guru Steven Englander summarises the divergences between the...

  17. FT Alphaville

    February 21, 2013

    A blinking red light

    That’s Citi’s risk-warning signals beginning to spike over the past couple of weeks and especially over the last day or...

  18. FT Alphaville

    January 22, 2013

    The practicalities of the currency wars

    We have Weidmann worrying the currency wars are kicking off again with Japan leading the way and a whole host of others...

  19. December 10, 2012

    Italy’s political uncertainty hits euro

    The euro shrugged off an earlier slump following political uncertainty in Italy as analysts said investors were positioning...

  20. FT Alphaville

    October 11, 2012

    The (early) Lunch Wrap

    Good morning New York… ALPHAVILLE Money as a passion, not a standard: Izzy asks if money and value, much like time, are a...

  21. FT Alphaville

    October 10, 2012

    The old are stealing our jobs!

    From Steven Englander at Citi — a little observed factoid regarding employment trends among the older demographic: We are...

  22. FT Alphaville

    September 28, 2012

    Coy Chinese elephant reveals ever slimming ankle

    We’ve written about the idea that global FX reserve growth might be creeping back up very recently. However, the evidence...

  23. FT Alphaville

    September 21, 2012

    Reserve managers caught between a euro and a dollar place

    The pace of reserve accumulation may have been slowing over the past few years — although that also reflects  movements in...

  24. August 31, 2012

    Greenback fails to claw back earlier losses

    The dollar failed to claw back earlier losses after a keenly awaited speech by Ben Bernanke, Federal Reserve chairman, left...

  25. July 31, 2012

    Switzerland is ‘new China’ in currencies

    There is a “new China” active in the currency markets, according to analysts, as Switzerland’s battle to weaken the franc...

  26. July 31, 2012

    Swiss face up to cost of franc defence

    Switzerland is facing the consequences of a vow to keep the franc weak. Figures released by the Swiss National Bank on...

  27. FT Alphaville

    July 31, 2012

    The changing ingredients of that Swiss cake

    Switzerland is the new China and it owns a cake, some of which it just doesn’t find all that appetising. (We admit this...

  28. FT Alphaville

    July 30, 2012

    The SNB eats euro cake

    How many reserve assets does it take to screw a Swiss franc into a euro-sized peg? Answer: this much (so far): That chart...

  29. June 6, 2012

    Euro rises after ECB holds rates

    The euro rose back above US$1.25 after the European Central Bank held interest rates as expected at 1 per cent and haven...

  30. June 3, 2012

    Emerging market central banks sell euros

    Central banks in emerging markets have been dumping euros to shore up their own currencies, contributing to the euro’s...

  31. April 16, 2012

    FX reserves set to boost single currency

    After slowing to a crawl during last year’s financial turmoil, growth in countries’ foreign exchange reserves is speeding...

  32. December 20, 2011

    Euro gains as Spanish auction lifts mood

    Commodity currencies and the euro rose against the dollar after better than expected economic data from Europe and the US...

  33. December 13, 2011

    Dollar and yen gain on euro

    The euro slid to its lowest level since January on Tuesday as investors reacted negatively to reported comments by Angela...

  34. FT Alphaville

    December 9, 2011

    Quotes du jour - Eurofudge edition

    For those of us of a certain age, the fiscal language looks to be copied and pasted from the original Stability and Growth...

  35. October 27, 2011

    Euro climbs on rescue plan

    A sharp rise in the euro triggered a broad rally in riskier currencies on Thursday after European leaders struck a deal to...

  36. May 13, 2011

    Euro gains on strong German growth

    The euro remained under pressure this week, touching a six-week low against the dollar as worries over Greek government debt...

  37. March 20, 2011

    Investors braced for fresh bout of volatility

    Investors are bracing for another volatile week as they eye the potential for more currency intervention and try to pick...

  38. FT Alphaville

    March 18, 2011

    Fallout from a flock of Black Swans

    What’s that saying? You wait for a Black Swan for ages and then three show up at the same time? Citi FX strategist Steven...

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