EFTA Document EFTA01449242

16 May 2013 FX Blueprint Dashing Buck Overview Asia, not the US, has provided the biggest surprises of 2013 so far. Chinese FX reserve accumulation has grown at a pace not seen since 2010. Much seems to be due to speculative dollar sales, but whatever the reason, the likely rebalancing has provided support for non-dollar reserve currencies such as the euro and Australian dollar. The other surprise has been the scale of the Japan "shock" with Abenomics proving to be the most radical se