Looking for an AXJ rally
We have argued that Asia ex-Japan (AXJ) currencies should recover when the global industrial cycle stabilises. In this regard, it is important to note that the latest purchasing managers index readings are off their lows in the US and Europe and are in expansionary territory in India and China. This is not to say global growth has turned the corner, but that the pace of economic decline has slowed and the global industrial cycle appears to be bottoming out. Historically, a pick-up in the global
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