“What To Make Of It All?” – A Gloomy Preview Of What’s Next In Global Macro From Morgan Stanley
by Tyler Durden
ZeroHedge.com
01/24/2016
So what is holding back risk appetite? A major overhang remains the question of how China will manage its currency. CNY is near the lower end of a range that has existed since August, a range our economists expect to hold through mid-year. But keeping the currency stable is being challenged by USD strength, and makes it more difficult for China to ease policy to support growth. We think this issue, above all others, is the main macro dilemma facing markets in 2016.
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