Ashraf Laïdi, in his excellent book Currency Trading and Intermarket Analysis, shares our concerns:
"Without a doubt, the diversification trend will continue and U.S. assets are no longer the only game in town. Any further escalation in protectionist rhetoric from the new administration will not only deflect vital doses of capital from U.S. companies, but also further weaken an already unstable flow of foreign financing of the $800 billion current account deficit. Weak foreign financing of the deficit drives up long-term interest rates and exacerbates the costs to home owners and buyers."
"Deteriorating confidence in the U.S. currency impacts general investor perception of the value of holding U.S. assets, barring the potential for capital gains in these assets."Ironically, having published his book in 2008, the new administration he was concerned about was the then incoming Obama Administration.
Clearly, protectionism (or the politically-inspired exploitation of consumers' confusion over trade) is a bipartisan affliction...
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Arby's Happy Hour