Tuesday, September 29, 2009
Which are bigger? The cow patties littering the Cornish moors, or those served on a sesame-seed bun to risk asset shorts yesterday?
Having sampled the "delights" of both, Macro Man still isn't sure. Hopefully they'll both be behind him by the end of the week.
In any event, he's lightened up a bit as we careen into quarter end. No point swinging from his heels when he can't even see the pitch.
Speaking of which, Friday's'quiz was designed to illustrate the lack of coherence in the drivers of exchange rates this year. Country A was the US, with a 0% FX move.
Country B was Mexico, with a 5 % FX move.
Country C was New Zealand, with a 26% FX move.
Country D was South Africa, with a 27% FX move.
Try looking for coherence there....all you're likely to find is a big cow patty!