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This is a compendium of Howard L. Simons' Currency Trader Magazine articles from December 2005 through the Website's closure in November 2014.
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The Dollar Index And 'Firm' Exchange Rates,
" December 2005, on emerging currency blocs;
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What Drives The Dollar Index?,
" January 2006, on macroeconomic factors affecting the dollar;
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Canadian Dollar: Remember The Forgotten Currency,
" February 2006, on the Canadian dollar;
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The Yen Stands Alone,
" March 2006, on the Japanese yen;
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The Index Approach To Currency Risk Management,
" April 2006, on hedging investment portfolios with currency indices;
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The Euro Index: The Dollar Index Meets Its Match,
" May 2006, on the euro index;
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The Yen Carry Trade, Currencies And U.S. Bonds,
" June 2006, on the yen-yuan cross-rate trade through dollar intervention;
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Of Commodities And Currencies,
" July 2006, on commodity-linked currencies;
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The Dollar And Its Hidden Risks,
" August 2006, on relative money market forward curves;
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What Does The Dollar Really Affect?,
" September 2006, on the consequences of dollar movements;
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Currencies And Conventional U.S. Investments,
" October 2006, on the sectoral impact of currencies;
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Currency Trends And Volatility,
" November 2006, on using volatility as a currency trading indicator;
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The Pros Make It Look Hard,
" December 2006, on the poor results of active currency management;
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The New Iron Cross,
" January 2007, on the pound/euro cross rate;
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Mexican Peso: Who's Your Padre?,
" February 2007, on the prospects for the peso;
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The Major Euro Crosses,
" March 2007, on the euro/swiss and euro/pound trades;
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The Stronger Real: Don't Blame It On Rio,
" April 2007, on the Brazilian real;
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Currency Traders Should Be Humbler,
" May 2007, on the poor long-term performance of currency CTAs;
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Looking At The Carry Trade,
" June 2007, on the yen carry trade;
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Currencies And Federal Reserve Trade Weights,
" July 2007, on the relationship between major currencies and trade flows;
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Minor Currencies And Federal Reserve Trade Weights,
" August 2007, on the relationship between minor currencies and trade flows;
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Stock Shocks And The Dollar,
" September 2007, on the impact of large stock moves on currencies;
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Rate Shocks And The Dollar,
" October 2007, on the impact of large short-term rate moves on currencies;
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Japanese Inflation And The Yen,
" November 2007, on the impact of low inflation expectations in Japan;
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The Yuan And U.S. Inflation,
" December 2007, on the sectoral impact of the yuan on U.S. inflation;
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Currencies And Equity Sector Returns
" January 2008, on the sectoral impact of currency changes;
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Mutual Fund Investors And The Dollar
" February 2008, on how currencies affect U.S. mutual fund investment flows;
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What's Down With The Australian Dollar?
" March 2008, on the Australian dollar's resource linkage;
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Currencies And Relative Stock Index Performance
" April 2008, on relationship between major currencies and their national stock markets;
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Currencies And Relative Stock Index Performance: Part II
" May 2008, on relationship between minor currencies and their national stock markets;
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Currencies And Commitments
,
" June 2008, on the use of Commitment of Traders data;
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Getting Carried Away With The Kiwi,
" July 2008, on the New Zealand dollar;
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The Short, Awful Life Of The Dollar Carry Trade,
" August 2008, on the U.S. dollar as a funding currency;
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Franc-ly My Dear, I Don't Give A Carry,
" September 2008, on the Swiss franc as a funding currency;
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The Swiss Franc's Commodity Connection,
" October 2008, on the impact of commodity flows on the Swiss franc;
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Nordic Currency Confusion,
" November 2008, on Nordic currency cross-rates within the European Union;
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The Rupee And Emerging Markets,
" December 2008, on factors affecting the Indian rupee;
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Let The Trend Be Your Friend: The Majors,
" January 2009, on statistical measures of trendiness for major currencies;
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Minor Trends Make Minor Friends,
" February 2009, on statistical measures of trendiness for minor currencies;
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Sovereign Credit Risk And Currencies,
" March 2009, on the paradoxes associated with rising sovereign credit risk;
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And It's One, Two, Three! What Are We Trading For?,
" April 2009, on the Vietnamese dong;
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A Cross-Rate To Bear,
" May 2009, on the role of the euro-yen cross-rate;
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Currency Volatility And Long-Term Treasury Returns,
" June 2009, on currency volatility's effects on the liquidity premium;
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Won Flew Over The Carry's Nest,
" July 2009, on the Korean won and its relationship to the dollar and yen;
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Post-Bubble Ruble Trouble And Recovery,
" August 2009, on the Russian ruble and its relationship to the dollar and euro;
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Hungary's Blue Danube Waltz,
" September 2009, on the Eastern European currency shock;
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How Eastern Europe Got Carried Away,
" October 2009, on the Swiss franc carry trade into Eastern Europe;
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The Hidden Cost Of Illiquidity,
" November 2009, on the impact of LIBOR disruptions on currency markets;
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A Parody Of Purchasing Power,
" December 2009, on the poor performance of the purchasing power parity model;
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Currency Carry And Yield Curve Trading,
" January 2010, on the links between the two carry trades;
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I
slamic Currencies: What's For Dinar?,
" February 2010, on the various dinar markets;
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Cry, The Beloved Currency,
" March 2010, on the South African rand;
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Chilean Peso Makes Exceptions To Currency Trading Rules,
" April 2010, on the behavior of the Chilean peso;
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Canada On The Cross-Rates,
" May 2010, on the Canadian dollar's cross-rates to the euro and yen;
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Colombian Peso, The Richest Kind,
" June 2010, on the surprising strength of the Colombian peso;
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Robin Hood Carry: The Yuan As A Funding Currency,
" July 2010, on the carry trades resulting from the yuan's peg;
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No Man Is An Island, But The U.K. Is,
" August 2010, on the British policy of competitive devaluation;
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Currencies, Curves And Correlations,
" September 2010, on the linkages between currencies, yield curves and equity markets;
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Crude Oil And Major Currencies,
" October 2010, on the linkages between crude oil and the components of the dollar index;
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The Yen And Japanese Bond Markets,
" November 2010, on the linkages between Japanese fixed-income markets and the yen;
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Asymmetric Currency Risks,
" December 2010, on different distributions of return amongst currencies;
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The Euro-Dollar Rate: Another Thing Made In China?,
" January 2011, on Chinese bounding of currency rates;
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Viewing The Yuan From The Grassy Knoll,
" February 2011, on China's use of asset purchases to maintain currency rates;
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Indonesian Rupiah: River Deep, Bali High,
" March 2011, on the rupiah's trade against the U.S. and Australian dollars;
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No Whacks At The Philippines,
" April 2011, on the Philippine peso's trade against the U.S. dollar and Japanese yen;
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The Baht And I: Time To Thai One On,
" May 2011, on the Thai baht's trade against the U.S. dollar and Japanese yen;
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Malaysia On The Jagged Edge,
" June 2011, on the Malaysian ringgit's trade against the U.S. dollar and Japanese yen;
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Weighting For Correlation,
" July 2011, on the Bloomberg Correlation-Weighted Currency Indices;
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Hong Kong Dollar Still Made In Japan,
" August 2011, on the strong links between Japanese and Hong Kong markets;
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The Canada-Australia Cross-Rate,
" September 2011, on the cross-rate between two economies perceived as similar;
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The Dollar And Prospective Treasury Returns,
" October 2011, on the links between the dollar and three month-ahead Treasury returns;
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Yen And Treasuries: Back To The Futures,
" November 2011, on the cross-rate between two economies perceived as similar;
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Decomposing The Dollar Index,
" December 2011, on weighted interest and spot rate components of the dollar index;
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The Long, Awful Life Of The Dollar Carry Trade,
" January 2012, on the dollar carry trade's persistence in a low-rate environment;
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Requiem For A Carry Trade,
" February 2012, on the lapse in the yen carry trade's importance;
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Is The Peruvian PEN Mightier Than The Sword?,
" March 2012, on the Peruvian sol;
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Taiwan: The Cold War Fiction That Worked,
" April 2012, on the solid outlook for the Taiwan dollar;
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A Currency Of Biblical Proportions,
" May 2012, on the Israeli shekel;
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Currency Carry And Bonds,
" June 2012, on currency carry trades' importance to bond returns by maturity;
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Turkish Lira And The Eternal Crossroads,
" July 2012, on the Turkish lira;
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Viewing The Yuan From A Grassier Knoll,
" August 2012, on the relationship between CNY management and U.S. monetary policy;
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Singapore Dollar Avoids The Dire Straits,
" September 2012, on the Singapore dollar and its relationship to the dollar and yen;
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The Dollar And Non-Petroleum Import Prices,
" October 2012, on a changed relationship between relative import prices and the dollar;
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Schadenfreude Is Not An Asian Shtick,
" November 2012, on the Bloomberg-J.P. Morgan Asian Dollar index
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Spreading The Dollar Index And Australian Dollar,
" December 2012, on the carry of dollar index components into the Australian dollar;
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The Paradox Of Negative Interest Rates,
" January 2013, on why negative interest rates are associated with strong currencies
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State-Dependence Of Currency/Equity Correlations,
" February 2013, on whether stock/euro correlations shift with bull/bear cycles;
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The Interest Rate Price Of A Currency Union,
" March 2013, on divergent yield curves and volatilities within the Eurozone;
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There Are No Amber Waves Of Currencies
" April 2013, on linkages between grains and the euro;
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Currencies And Relative Import Inflation
" May 2013, on the linkages between currencies and incremental import price indices;
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Major Currencies And The Great LIBOR Kerfuffle
" June 2013, on currency/rate patterns before and after the Bear Stearns rescue;
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Minor Currencies Less Affected By Great LIBOR Kerfuffle
" July 2013, on currency/rate patterns before and after the Bear Stearns rescue
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Argentina Cannot Get Its ARS In Gear
" August 2013, on the perennial problems of Argentine currencies;
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The Polish Zloty (Pronounced "Zloty")
" September 2013, on the zloty's trading patterns against the dollar and the euro;
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Going Forward With Reversals: The Majors
" October 2013, on using risk reversals as an indicator for major currencies;
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Going Forward With Reversals: The Minors
" November 2013, on using risk reversals as an indicator for minor currencies;
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Butterflies Are Free, And Well Worth It: The Majors
" December 2013, on using butterflies as an indicator for major currencies;
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Butterflies Are Free, And Well Worth It: The Minors
" January 2014, on using butterflies as an indicator for minor currencies;
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When Excess Becomes Predictable: The Majors
" February 2014, on excess volatility, yield curves and returns;
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When Excess Becomes Predictable: The Minors
" March 2014, on excess volatility, yield curves and returns;
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Are Asian Currency Reserves An Inverse Financial Anorexia?
" April 2014, on reserves, currency changes and equity returns;
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No Deliverance From Dueling Carries
" May 2014, on the relative importance of yen and dollar carries for U.S. equities;
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Major Currencies And Inflation Expectations
" June 2014, on the relationship between major currencies and inflation swap differentials;
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Additional Currencies And Inflation Expectations
" July 2014, on the relationship between additional currencies and inflation swap differentials;
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From LIBOR To Swaps: Changing The Yield Curve Calculation
" August 2014, on the changed basis for money-market forward rate ratios;
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Latin America: Another Region, Another Index
" September 2014, on the Bloomberg-J.P. Morgan Latin American Currency index;
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Major Currencies And Capitalization-Dependent Stock Returns
" October 2014, on the relationship between major currencies and the Russell 1000 and 2000 indices; and
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Minor Currencies And Capitalization-Dependent Stock Returns
" November 2014, on the relationship between minor currencies and the Russell 1000 and 2000 indices
Home
Archived Publications
Macro Environment Roundup
Futures / Modern Trader
Active Trader
RealMoney
Currency Trader
SFO
Minyanville
TheStreetPros
Exchanges & Presentations
Simons Research