Central banks: the gorillas of foreign exchange
Chris Turner, the head of foreign exchange strategy research at ING wholesale banking in London, evaluates the possibility of sterilisation by central banks next year.
"An overbearing entity in a specific industry or sphere of activity." That's one definition of an 800-pound gorilla, and is an apt description of foreign exchange reserve managers in today's market.
It looks as though foreign exchange reserve managers have been the drivers of the most recent wave of dollar weakness, and partially
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