
A global rush for US dollars is driving extreme moves in currency and other markets, with companies and institutions drawing down credit lines and hoarding dollars. The Fed has expanded its swap lines to foreign central banks, but these measures have not reduced the volatility in the dollar.
Strategists say G-7 finance ministers may need to intervene.
The dollar funding squeeze raises the dollar's value against trading partners' currencies, which tends to weigh on US-priced grain and oilseed markets and increases import costs for buyers in emerging markets.
과거 상승 거시 이벤트 2,356건 이후, 미국 달러 (광의 지수)은 5거래일 동안 중앙값 +0.2% 변동(상승 60%; 중간 50% 범위 -0.3%~+0.7%), 20거래일 동안 +0.4%.
과거 하락 거시 이벤트 533건 이후, 유로 (EUR당 USD)은 5거래일 동안 중앙값 -0.3% 변동(상승 33%; 중간 50% 범위 -1.2%~+0.2%), 20거래일 동안 -0.5%.
과거 상승 거시 이벤트 301건 이후, 브라질 헤알 (USD당 BRL)은 5거래일 동안 중앙값 +0.4% 변동(상승 57%; 중간 50% 범위 -1.2%~+1.7%), 20거래일 동안 +1.0%.
각 품목 벤치마크의 이벤트 직전 종가 대비 변동. 과거 수치는 같은 유형의 과거 이벤트를 합산한 것으로, 일어난 일을 설명할 뿐 앞으로 일어날 일이 아닙니다. 투자 자문이 아닙니다.
The global scramble for US dollars and dollar hoarding pushed emerging-market currencies like the real sharply weaker, in line with the large BRL/USD move.
The global dollar rush, with companies drawing credit lines and hoarding dollars, describes the mechanism behind the euro's decline, although the report is dated 19 March, just after the window ends.
The global scramble for dollars and credit line drawdowns, in progress around March 18-19, put broad pressure on emerging market currencies including the real.