I dollari tornano a casa... un po' è flight to quality, con abbandono delle economie emergenti... un po' la consapevolezza che cmq è di lì che si ripartirà, ed in un contesto sicuramente meno globalizzato di quello odierno...
INSTANT VIEW: U.S. net inflows rise in December
Tue Feb 17, 2009 3:08pm GMT
NEW YORK (Reuters) - Net capital inflows into the United States rose to $74.0 billion in December from a revised inflow of $61.3 billion in November, the Treasury Department said on Tuesday.
KEY POINTS: * The department originally reported inflows of $56.8 billion in November. * December's capital inflows were more than sufficient to cover the month's trade deficit of $39.9 billion. * Net long-term capital flows excluding swaps showed an inflow of $34.8 billion in December, compared with revised outflows of $25.6 billion the previous month. November's figure was initially reported by the Treasury as an outflow of $21.7 billion.
COMMENTS:
BULENT BAYGUN, HEAD OF U.S. INTEREST RATE STRATEGY, BNP PARIBAS, NEW YORK
"It tells you that appetite for Treasuries or for U.S. dollar securities has not waned at all, at least historically speaking. We all know that in December there was a very big flight into Treasuries anyway as the flight to safety took hold in the market so it is not altogether surprising.
"What's really going to be telling is the TIC data going forward especially in January with what happened in terms of allocation into Treasuries versus other spread products in U.S. dollars.
"Before the end of the year, liquidity was nil, essentially. Even though liquidity still continues to suffer there is definitely a change in the mindset since the beginning of the year. There is allocation into more risky assets as we have seen in TIPS, in corporate bonds, in agencies. There is a little bit more risk taking."
MATTHEW STRAUSS, SENIOR CURRENCY STRATEGIST, RBC CAPITAL MARKETS, TORONTO:
"The TIC data shows there has been some buying of Treasuries in Asia from both private and official sides. Treasuries remain a safe haven. But given this report is fairly dated, it won't have much of an impact on currency trading today. Investors are focusing on bad news from Eastern Europe and on the slide in Japan's GDP."
RUDY NARVAS, SENIOR ANALYST, 4CAST LTD, NEW YORK:
"It is higher than expected but the long awaited calls by some that some sovereigns are going to stop buying Treasuries is turning out to be a false expectation."