The euro could weaken to levels last seen in early 2017 if China’s economic slowdown persists, according to Stephen Jen, chief executive officer of Eurizon SLJ Capital.
Mr Jen said the common currency could slump to $1.05 later this year if stress emanating from China bleeds further into Europe’s economy and prevents the European Central Bank from normalising policy, while the US “continues to outperform.” Fiscal stimulus and slowing structural reforms in China probably won’t be sufficient to spark a “V-shaped recovery” in the first half of 2019 for the Asian nation, according to Mr Jen.
Europe’s “manufacturing and the tradables sector are clearly exhibiting stress, arising in part from the shock from China,” the London-based hedge fund manager wrote in a note Friday. “If I am right that the Chinese economy will remain weak, Europe and the ECB will remain under pressure.”
Mr Jen’s call for the euro is more pessimistic than the most bearish of analysts surveyed by Bloomberg. The median forecast is for the common currency to strengthen to $1.19 in the fourth quarter, while the low forecast sits at $1.10.
On the other side of the trade, the dollar could continue to enjoy its recent resilience, according to Mr Jen. With the Federal Reserve pledging patience in regards to its policy tightening plans, Treasury yields should be expected to decline over time, creating a “sweet spot” for foreign bond buyers. Additionally, mounting questions over the global economy should keep the greenback bid, Mr Jen wrote.
“In light of the dovish Fed and the rally in equities, the dollar has been remarkably robust,” Mr Jen wrote. “The dollar is supported precisely because the world has grown more uncertain about the economic outlook.”
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
UAE currency: the story behind the money in your pockets
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
