美元：长期熊市的开始.docxVIP

Table of Contents Why we stay dollar bears and implications 3 Why we stay bearish on the US dollar 3 The euro versus the US dollar 4 When would policymakers try to stop USD weakness? 8 What normally stops a long-term currency move? 9 What about yen and sterling? 9 Impact of dollar weakness 11 Positive for growth 11 Positive for inflation expectations 12 Commodity prices 13 Gold 15 Regions 16 Emerging markets 16 Europe 19 Japan 21 UK 22 Hedged versus unhedged returns 23 Sectors 24 Sectors with domestic Europe exposure 24 What about spec