J.P. Morgan Asset Management - The Weekly Brief

15.05.2017 11:12 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die von vielen erwartete anhaltende Rally des US-Dollars legt aktuell eine Pause ein. In den

letzten 30 Tagen ist der US-Dollar gegenüber dem Euro und dem Britischen Pfund gefallen. Im

gleichen Zeitraum entwickelte sich der Wechselkurs des US-Dollars gegenüber dem

japanischem Yen (JPY) jedoch in die entgegengesetzte Richtung, denn der US-Dollar gewann

im Vergleich zum Yen. Die Grafik der Woche zeigt die langjährige Beziehung zwischen einem

schwachen Yen und Gewinnen am japanischen Aktienindex Topix. Sofern die US-Notenbank

Federal Reserve die Zinsen schneller erhöht als aktuell vom Markt erwartet, könnte dies

weiter zur Yen-Schwäche beitragen und so auch japanische Aktien unterstützen. Weitere

grundlegende Faktoren unterstützen Japan – eine auffallend starke Weltwirtschaft, die dazu

beitrug den Export Japans im Vergleich zum Vorjahr um kolossale 12% zu steigern. Die

Exporte in die USA sind im Jahresvergleich um 3,5% gestiegen und könnten durch eine

anhaltende Yen-Schwäche weiter begünstigt werden.

JPMAM_The Weekly Brief_15.05.2017.pdf

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