Asset Allocator's Soapbox: Ashburton's Dennis Phillips

Financial markets have stabilised over the last quarter, resulting in growth in the value of our portfolios during the period, and we think the management of currency risks remains important in delivering on mandate objectives. In essence, the current slow growth environment means that none of the major economies desires a strong currency given the drag on competitiveness.  As currencies are a relative concept in that one currency’s weakness is another’s strength, this often creates policy backlash and political stress, as evidenced by growing antagonism towards the value of the Chinese ...