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.
基金现在在两周前从日币关注新兴市场后，现在开始使用美元进行套利交易，花旗集团说。
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.
日本银行于7月31日将利率从0.1％提高至0.25％后的两天，投资者即撤离了对这种投资策略的利用，据报道。
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.
那次利率上调以及投资者预计美联储今年将降低利率超过三分之一，使得扭曲的以美国的增长和日本的低借贷成本为基础的旧策略面临挑战，彭博社报道。
"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."
花旗集团的外汇量化投资者解决方案全球负责人Kristjan Kasikov告诉彭博社：“我们已经看到我们对美元的立场情绪开始变得非常看淡。人们正在猜测降息的环境加剧了风险偏好。”
Read Also: What Investors Should Know About Yen Carry-Trade Unwinding That Is Sending Global Markets Into A Tailspin
阅读更多：投资者应该了解导致全球市场陷入混乱的日元套利解除
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日以来，美元交易在其自3月以来的最低点，对冲基金一直在使用它来购买新兴市场货币，如巴西雷亚尔和土耳其里拉，Kasikov说。
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.
但花旗认为，全球套利交易将在有限的时间内表现良好，因为美国总统选举周围的动荡可能会导致波动再次上涨，Kasikov说。
"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."
他告诉彭博社：“我们一直担心外汇套利交易。”政治日历将为市场带来波动性和避险情绪，并产生影响。
Price Action: Exchange-traded funds that track hedge funds trended downward into mid-day trading on Tuesday.
价格行动：追踪对冲基金的交易所交易基金在周二的中间交易下降。
- 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对冲多策略跟踪ETF（NYSE：QAI）下跌0.22％
- 简化利率对冲ETF（纽交所：PFIX）下降0.17％
- UPAR超级风险平价ETF（纽交所：UPAR）上涨0.73％
- Cambria价值和动量ETF（BATS：VAMO）下跌0.88％
- ProShares对冲复制ETF（NYSE：HDG）下跌0.22％
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立即阅读：
- Traders Resume Yen-Dollar Carry Trade As Bank of Japan Pledges No Rate Hikes During Market Volatility
- 日元-美元的套利交易再次出现，因为日本央行承诺在市场波动期间不会上调利率。
Photo: Shutterstock
Photo: shutterstock