Thank you, Goldman Sachs for informing us about the development of two trends in the FX universe.
Hedge funds are positioning themselves to short the dollar. Not surprisingly especially in EUR/USD. And some flows were directed by these hedge funds to non-Japan Asian currencies as the CNY, HKD en INR (China, Hong Kong and India).
And than there was this piece of news from Reuters:
(Reuters) - British mobile phone giant Vodafone (VOD.L) has already brought 20.5 billion rand ($2.38 billion) into South Africa to buy a 15 percent stake in local operator Vodacom, the latter's lawyer said on Sunday.
With unions trying to block the deal with a last-minute legal injunction, the Vodacom lawyer said the money arrived on May 7 and the rand would fall if it had to be repatriated.
We know in the mean time that green light was given by the Pretoria High Court and Vodacom , de biggest listing on the JSE this year, started trading. So the shorters of the ZAR last week, have to cover their positions as the 20 bln ZAR will not be repatriated.
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Hedge funds are positioning themselves to short the dollar. Not surprisingly especially in EUR/USD. And some flows were directed by these hedge funds to non-Japan Asian currencies as the CNY, HKD en INR (China, Hong Kong and India).
And than there was this piece of news from Reuters:
(Reuters) - British mobile phone giant Vodafone (VOD.L) has already brought 20.5 billion rand ($2.38 billion) into South Africa to buy a 15 percent stake in local operator Vodacom, the latter's lawyer said on Sunday.
With unions trying to block the deal with a last-minute legal injunction, the Vodacom lawyer said the money arrived on May 7 and the rand would fall if it had to be repatriated.
We know in the mean time that green light was given by the Pretoria High Court and Vodacom , de biggest listing on the JSE this year, started trading. So the shorters of the ZAR last week, have to cover their positions as the 20 bln ZAR will not be repatriated.
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