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USD: September TIC data
Tue, Nov 18 2008, 16:19 GMT
by Kasper Kirkegaard
China overtakes Japan as the largest holder
Clear signs of repatriation flows
- September TIC data confirm that the high level of uncertainty in September resulted in further strong investor preference for safer assets (e.g. US Treasuries), and that repatriation flows into the US were significant - which supported the dollar.
- Net foreign purchases of long-term securities amounted to USD 66.3bn in September. This was significantly higher than the revised USD 21bn inflow in August and much higher than the consensus expectation of USD 27.2bn.
- Net inflows are now back to healthier levels but remain largely driven by a significant selling of foreign securities by US residents - repatriation flows.
- Private foreign investors net bought USD 35.7bn worth of long-term US securities, while foreign official institutions net sold USD 4.8bn.
- Meanwhile, US residents net sold USD 35.4bn of long-term foreign securities, especially bonds. This is even higher than the August USD 22.7bn net sale and indicates that repatriation flows by US investors have been significant - and are likely to have been an important driver of the USD rally.
Published on Tue, Nov 18 2008, 16:25 GMT
Archive
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