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Currency Trader

This is a compendium of Howard L. Simons' Currency Trader Magazine articles from December 2005 through the Website's closure in November 2014.
  1. "The Dollar Index And 'Firm' Exchange Rates," December 2005, on emerging currency blocs;
  2. "What Drives The Dollar Index?," January 2006, on macroeconomic factors affecting the dollar;
  3. "Canadian Dollar: Remember The Forgotten Currency," February 2006, on the Canadian dollar;
  4. "The Yen Stands Alone," March 2006, on the Japanese yen;
  5. "The Index Approach To Currency Risk Management," April 2006, on hedging investment portfolios with currency indices;
  6. "The Euro Index: The Dollar Index Meets Its Match," May 2006, on the euro index;
  7. "The Yen Carry Trade, Currencies And U.S. Bonds," June 2006, on the yen-yuan cross-rate trade through dollar intervention;
  8. "Of Commodities And Currencies," July 2006, on commodity-linked currencies;
  9. "The Dollar And Its Hidden Risks," August 2006, on relative money market forward curves;
  10. "What Does The Dollar Really Affect?," September 2006, on the consequences of dollar movements;
  11. "Currencies And Conventional U.S. Investments," October 2006, on the sectoral impact of currencies;
  12. "Currency Trends And Volatility," November 2006, on using volatility as a currency trading indicator;
  13. "The Pros Make It Look Hard," December 2006, on the poor results of active currency management;
  14. "The New Iron Cross," January 2007, on the pound/euro cross rate;
  15. "Mexican Peso: Who's Your Padre?," February 2007, on the prospects for the peso;
  16. "The Major Euro Crosses," March 2007, on the euro/swiss and euro/pound trades;
  17. "The Stronger Real: Don't Blame It On Rio," April 2007, on the Brazilian real;
  18. "Currency Traders Should Be Humbler," May 2007, on the poor long-term performance of currency CTAs;
  19. "Looking At The Carry Trade," June 2007, on the yen carry trade;
  20. "Currencies And Federal Reserve Trade Weights," July 2007, on the relationship between major currencies and trade flows;
  21. "Minor Currencies And Federal Reserve Trade Weights," August 2007, on the relationship between minor currencies and trade flows;
  22. "Stock Shocks And The Dollar," September 2007, on the impact of large stock moves on currencies;
  23. "Rate Shocks And The Dollar," October 2007, on the impact of large short-term rate moves on currencies;
  24. "Japanese Inflation And The Yen," November 2007, on the impact of low inflation expectations in Japan;
  25. "The Yuan And U.S. Inflation," December 2007, on the sectoral impact of the yuan on U.S. inflation;
  26. "Currencies And Equity Sector Returns" January 2008, on the sectoral impact of currency changes;
  27. "Mutual Fund Investors And The Dollar" February 2008, on how currencies affect U.S. mutual fund investment flows;
  28. "What's Down With The Australian Dollar?" March 2008, on the Australian dollar's resource linkage;
  29. "Currencies And Relative Stock Index Performance" April 2008, on relationship between major currencies and their national stock markets;
  30. "Currencies And Relative Stock Index Performance: Part II" May 2008, on relationship between minor currencies and their national stock markets;
  31. "Currencies And Commitments," June 2008, on the use of Commitment of Traders data;
  32. "Getting Carried Away With The Kiwi," July 2008, on the New Zealand dollar;
  33. "The Short, Awful Life Of The Dollar Carry Trade," August 2008, on the U.S. dollar as a funding currency;
  34. "Franc-ly My Dear, I Don't Give A Carry," September 2008, on the Swiss franc as a funding currency;
  35. "The Swiss Franc's Commodity Connection," October 2008, on the impact of commodity flows on the Swiss franc;
  36. "Nordic Currency Confusion," November 2008, on Nordic currency cross-rates within the European Union;
  37. "The Rupee And Emerging Markets," December 2008, on factors affecting the Indian rupee;
  38. "Let The Trend Be Your Friend: The Majors," January 2009, on statistical measures of trendiness for major currencies;
  39. "Minor Trends Make Minor Friends," February 2009, on statistical measures of trendiness for minor currencies;
  40. "Sovereign Credit Risk And Currencies," March 2009, on the paradoxes associated with rising sovereign credit risk;
  41. "And It's One, Two, Three! What Are We Trading For?," April 2009, on the Vietnamese dong;
  42. "A Cross-Rate To Bear," May 2009, on the role of the euro-yen cross-rate;
  43. "Currency Volatility And Long-Term Treasury Returns," June 2009, on currency volatility's effects on the liquidity premium;
  44. "Won Flew Over The Carry's Nest," July 2009, on the Korean won and its relationship to the dollar and yen;
  45. "Post-Bubble Ruble Trouble And Recovery," August 2009, on the Russian ruble and its relationship to the dollar and euro;
  46. "Hungary's Blue Danube Waltz," September 2009, on the Eastern European currency shock;
  47. "How Eastern Europe Got Carried Away," October 2009, on the Swiss franc carry trade into Eastern Europe;
  48. "The Hidden Cost Of Illiquidity," November 2009, on the impact of LIBOR disruptions on currency markets;
  49. "A Parody Of Purchasing Power," December 2009, on the poor performance of the purchasing power parity model;
  50. "Currency Carry And Yield Curve Trading," January 2010, on the links between the two carry trades;
  51. "Islamic Currencies: What's For Dinar?," February 2010, on the various dinar markets;
  52. "Cry, The Beloved Currency," March 2010, on the South African rand;
  53. "Chilean Peso Makes Exceptions To Currency Trading Rules," April 2010, on the behavior of the Chilean peso;
  54. "Canada On The Cross-Rates," May 2010, on the Canadian dollar's cross-rates to the euro and yen;
  55. "Colombian Peso, The Richest Kind," June 2010, on the surprising strength of the Colombian peso;
  56. "Robin Hood Carry: The Yuan As A Funding Currency," July 2010, on the carry trades resulting from the yuan's peg;
  57. "No Man Is An Island, But The U.K. Is," August 2010, on the British policy of competitive devaluation;
  58. "Currencies, Curves And Correlations," September 2010, on the linkages between currencies, yield curves and equity markets;
  59. "Crude Oil And Major Currencies," October 2010, on the linkages between crude oil and the components of the dollar index;
  60. "The Yen And Japanese Bond Markets," November 2010, on the linkages between Japanese fixed-income markets and the yen;
  61. "Asymmetric Currency Risks," December 2010, on different distributions of return amongst currencies;
  62. "The Euro-Dollar Rate: Another Thing Made In China?," January 2011, on Chinese bounding of currency rates;
  63. "Viewing The Yuan From The Grassy Knoll," February 2011, on China's use of asset purchases to maintain currency rates;
  64. "Indonesian Rupiah: River Deep, Bali High," March 2011, on the rupiah's trade against the U.S. and Australian dollars;
  65. "No Whacks At The Philippines," April 2011, on the Philippine peso's trade against the U.S. dollar and Japanese yen;
  66. "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;
  67. "Malaysia On The Jagged Edge," June 2011, on the Malaysian ringgit's trade against the U.S. dollar and Japanese yen;
  68. "Weighting For Correlation," July 2011, on the Bloomberg Correlation-Weighted Currency Indices;
  69. "Hong Kong Dollar Still Made In Japan," August 2011, on the strong links between Japanese and Hong Kong markets;
  70. "The Canada-Australia Cross-Rate," September 2011, on the cross-rate between two economies perceived as similar;
  71. "The Dollar And Prospective Treasury Returns," October 2011, on the links between the dollar and three month-ahead Treasury returns;
  72. "Yen And Treasuries: Back To The Futures," November 2011, on the cross-rate between two economies perceived as similar;
  73. "Decomposing The Dollar Index," December 2011, on weighted interest and spot rate components of the dollar index;
  74. "The Long, Awful Life Of The Dollar Carry Trade," January 2012, on the dollar carry trade's persistence in a low-rate environment;
  75. "Requiem For A Carry Trade," February 2012, on the lapse in the yen carry trade's importance;
  76. "Is The Peruvian PEN Mightier Than The Sword?," March 2012, on the Peruvian sol;
  77. "Taiwan: The Cold War Fiction That Worked," April 2012, on the solid outlook for the Taiwan dollar;
  78. "A Currency Of Biblical Proportions," May 2012, on the Israeli shekel;
  79. "Currency Carry And Bonds," June 2012, on currency carry trades' importance to bond returns by maturity;
  80. "Turkish Lira And The Eternal Crossroads," July 2012, on the Turkish lira;
  81. "Viewing The Yuan From A Grassier Knoll," August 2012, on the relationship between CNY management and U.S. monetary policy;
  82. "Singapore Dollar Avoids The Dire Straits," September 2012, on the Singapore dollar and its relationship to the dollar and yen;
  83. "The Dollar And Non-Petroleum Import Prices," October 2012, on a changed relationship between relative import prices and the dollar;
  84. "Schadenfreude Is Not An Asian Shtick," November 2012, on the Bloomberg-J.P. Morgan Asian Dollar index
  85. "Spreading The Dollar Index And Australian Dollar," December 2012, on the carry of dollar index components into the Australian dollar;
  86. "The Paradox Of Negative Interest Rates," January 2013, on why negative interest rates are associated with strong currencies
  87. "State-Dependence Of Currency/Equity Correlations," February 2013, on whether stock/euro correlations shift with bull/bear cycles;
  88. "The Interest Rate Price Of A Currency Union," March 2013, on divergent yield curves and volatilities within the Eurozone;
  89. "There Are No Amber Waves Of Currencies" April 2013, on linkages between grains and the euro;
  90. "Currencies And Relative Import Inflation" May 2013, on the linkages between currencies and incremental import price indices;
  91. "Major Currencies And The Great LIBOR Kerfuffle" June 2013, on currency/rate patterns before and after the Bear Stearns rescue;
  92. "Minor Currencies Less Affected By Great LIBOR Kerfuffle" July 2013, on currency/rate patterns before and after the Bear Stearns rescue
  93. "Argentina Cannot Get Its ARS In Gear" August 2013, on the perennial problems of Argentine currencies;
  94. "The Polish Zloty (Pronounced "Zloty")" September 2013, on the zloty's trading patterns against the dollar and the euro;
  95. "Going Forward With Reversals: The Majors" October 2013, on using risk reversals as an indicator for major currencies;
  96. "Going Forward With Reversals: The Minors" November 2013, on using risk reversals as an indicator for minor currencies;
  97. "Butterflies Are Free, And Well Worth It: The Majors" December 2013, on using butterflies as an indicator for major currencies;
  98. "Butterflies Are Free, And Well Worth It: The Minors" January 2014, on using butterflies as an indicator for minor currencies;
  99. "When Excess Becomes Predictable: The Majors" February 2014, on excess volatility, yield curves and returns;
  100. "When Excess Becomes Predictable: The Minors" March 2014, on excess volatility, yield curves and returns;
  101. "Are Asian Currency Reserves An Inverse Financial Anorexia?" April 2014, on reserves, currency changes and equity returns;
  102. "No Deliverance From Dueling Carries" May 2014, on the relative importance of yen and dollar carries for U.S. equities;
  103. "Major Currencies And Inflation Expectations" June 2014, on the relationship between major currencies and inflation swap differentials;
  104. "Additional Currencies And Inflation Expectations" July 2014, on the relationship between additional currencies and inflation swap differentials;
  105. "From LIBOR To Swaps: Changing The Yield Curve Calculation" August 2014, on the changed basis for money-market forward rate ratios;
  106. "Latin America: Another Region, Another Index" September 2014, on the Bloomberg-J.P. Morgan Latin American Currency index;
  107. "Major Currencies And Capitalization-Dependent Stock Returns" October 2014, on the relationship between major currencies and the Russell 1000 and 2000 indices; and
  108. "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