Group 1 - The core viewpoint of the articles indicates that the British pound is more significantly affected by large capital flows compared to the Japanese yen or euro, exhibiting price volatility that is unexpectedly high [1][3] - Morgan Stanley's analysts found that the pound's liquidity is lower, making it less effective at absorbing large market capital flows, which can lead to greater price fluctuations [1][3] - The report highlights that capital flows play a crucial role in currency exchange rate movements, challenging the traditional view that these movements are primarily driven by cross-border trade [3] Group 2 - According to the latest data from the Bank for International Settlements, the euro and yen account for approximately 31% and 17% of currency trading, respectively, while the pound accounts for about 13% [1] - The analysis suggests that trading location and timing can significantly impact the price levels of the pound, particularly during late trading sessions in London [3] - The findings are based on trading costs derived from hypothetical client orders placed in the exchange market, collected during peak liquidity periods in the forex market [3]
大摩：英镑流动性较主要货币更差 更易受资本流动冲击
智通财经网·2025-09-11 23:17