Willem is a stubborn Frisian, allegedly a descendant of an obscure hero resistance fighter called Grutte Pier (ca. 1480-1520). While in the office his focus is on currency movements; at home he does most of the moving as he chauffeurs his three young kids around. Mister currency is a sporty character with a balanced lifestyle – he enjoys burning lots of calories as much as he enjoys family sized bags of M&Ms.
By Willem Klijnstra - August 02, 2017 3 mins
Going into 2017, the market consensus was one of a strong US dollar environment, with the expectation of the US engine firing on all cylinders, with support from fiscal policy, monetary policy and de-regulation. The engine has stuttered, the US dollar has been declining all year and not many US dollar bulls are left. We are taking stock.
By Willem Klijnstra - May 30, 2017 3 mins
Some of the clouds over Europe’s political landscape have disappeared after the French presidential election resulted in a market-friendly outcome. So has the Swiss franc now lost its value as a Eurozone malaise hedge, or are there other reasons to hold the currency?
By Willem Klijnstra - April 04, 2017 3 mins
The Chinese yuan (CNY) appears to have been stable over the last couple of months, giving the impression that capital outflows have stabilised. But while the Chinese dragon seems to be asleep, there is more going on than meets the eye. The side effects of government intervention are increasingly apparent in the Hong Kong dollar (HKD) market, which offers an interesting way for investors to seek to protect against the risk of another round of market stress stemming from potential CNY depreciation.
By Willem Klijnstra - March 21, 2017 3 mins
With global monetary policy tightening, what will smaller central banks do now? Most didn't have a choice but to keep rates low to avoid excessive currency appreciation, and some had to resort to quantitative easing (like Sweden) or currency floors (like Switzerland and the Czech Republic). The Swiss floor gave in under pressure in early 2015, so the big question is now whether the Czech Republic might also depart from its currency floor?
By Willem Klijnstra - March 17, 2017 3 mins
The Dutch election has been closely followed abroad, as it is the home of a growing populist party in the form of the Freedom Party (PVV) of Geert Wilders. As such, it is a barometer of support for the European Union. So what do the results tell us?
By Willem Klijnstra - February 23, 2017 4 mins
Since Trump's election in November, financial markets have focused on the reflation trade. Inflation expectations and bond yields have risen, as have equities and commodities. Although the US dollar has strengthened by a little over 3% on a trade-weighted basis, this masks the individual currency winners and losers.
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