Group 1 - The core viewpoint is that the recent rebound of the US dollar has led some emerging market investors to believe that the dollar will continue to strengthen in the coming months, with the Bloomberg Dollar Spot Index rising by 2.7% in July, ending a six-month decline, while the MSCI Emerging Markets Currency Index fell by 1.2% [1] - Barclays advises clients to avoid shorting the dollar against Asian currencies and instead recommends going long on the dollar against certain low-yielding currencies in the region, indicating a cautious stance on betting against the dollar during the summer [1] - Barclays prefers to completely avoid relative value trades involving the dollar, such as betting on the Singapore dollar weakening against the renminbi or shorting the Thai baht against the Korean won [1] Group 2 - Fidelity International suggests that the attractiveness of the dollar as a funding currency for arbitrage trades is declining due to the potential for US interest rates to remain high for an extended period, recommending consideration of lower-cost alternative funding currencies [2] - T. Rowe Price Group favors dollar-denominated emerging market bonds over local currency bonds as a tactical trade, noting that last month, emerging market dollar bonds outperformed local currency bonds with a return of 0.9% compared to -0.9% for local currency bonds [2] - T. Rowe Price's fund manager in Hong Kong expresses a preference for holding dollar-denominated emerging market bonds due to their more attractive yields, while indicating that the dollar may enter a consolidation phase over the next three to six months, posing challenges for local currency bond returns [2]

智通财经APP获悉，日元汇率领域的人才争夺战正愈演愈烈，在多年来最大的市场波动造成广泛损失 后，银行和对冲基金纷纷抢购经验丰富的交易员。一些市场参与者提供数百万美元的薪资礼包来吸引日 元利率交易员，此前特朗普引发的突然抛售将日本债券收益率推至20年来的高点。这一轮新招聘是在去 年央行开始加息之前就开始的招聘热潮的基础上进行的。 最近几周，行业公司的人员流动非常迅速：BlueCrest Capital Management的Harimoto将加入Modular Asset Management，担任投资组合经理，以帮助其拓展日本业务。Ron Choy也从BlueCrest跳槽到芝加哥 的Balyasny Asset Management，此前他收到了约3000万美元的薪酬礼包。Capula Investment Management 和Dymon Asia Capital分别从德意志银行和巴克莱银行挖来了经验丰富的衍生品交易员。 猎头公司Morgan McKinley的董事Yoshiki Kumazawa表示："对冲基金仍渴望聘用日元利率交易员。对于 有良好记录的交易员来说，供应跟不上需求。" 一家买方公司的一 ...