European Pension Funds May Drive Fierce Dollar Selling, Says BNP
European pension funds have started to increase currency hedging and a continuation of this trend would amount to considerable US dollar selling, according to BNP Paribas SA strategists.
Looking at just the Netherlands and Denmark — which have among the largest private pension sectors in Europe — fund managers reduced their unhedged dollar exposure as a percentage of total assets to 20% in April, from 23% last year, according to analysis by the French bank. Cutting that back further to 15% would mean another $217 billion in US dollar selling, its strategists said.
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My mother-in-law thought the world's richest man needed Apple gift cards. How on Earth could she fall for this scam?
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