Читать книгу The Foreign Exchange Matrix - Barbara Rockefeller - Страница 8

Sentiment has many faces but can be boiled down to one concept – risk appetite or risk aversion. Preconceptions and bias toward nationalities is incorporated in the rolling risk appetite/risk aversion calculation. The euro, for example, has magic, and the dollar does not. The euro is able to withstand a major sovereign debt and banking crisis with less loss of value and less volatility than the history of currencies would suggest.

In contrast, the dollar can’t get a break and is sold heavily on the slightest pretext, with bad economic news exaggerated and good news dismissed or undervalued. This is the fate of all reserve currencies, including the dollar, because to serve the reserve currency needs of the rest of the world, the reserve country always has to issue more currency than it needs for purely domestic uses. And yet the reserve currency is a safe haven in times of financial market panic.