Glacier Int Multi-Currency comment- Jun 13 - Fund Manager Comment29 Aug 2013
The portfolio currently invests in all maturities over the very short end of the yield curve on all deposits. The portfolio provides investors with an ideal hedge against rand depreciation and access to a well-diversified portfolio of developed market currencies
Market review
The rand (ZAR) appreciated slightly against the US dollar (USD), British pound (GBP), Euro (EUR) and the Yen (JPY) during the month of June.
USD
Three-month US dollar deposits trade at 0.18% during the month. The FOMC decided to leave the Fed Fund Target Rate unchanged on the 19th of June at 0.25%. The next meeting will take place on the 31st of July and we expect that the Fed Fund Target Rate will remain unchanged.
EUR
Three-month EUR deposits trade at 0.04% during the month. The European Central Bank (ECB) decided to leave its policy rate unchanged at 0.50% on the 6th of June. Looking forward market expectation is that the ECB could leave interest unchanged at the next meeting on the 1st of August.
GBP
Three-month GBP deposits trade at 0.51% during the month. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 6th of June. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 1st of August.
Glacier Int Multi-Currency comment- Dec 12 - Fund Manager Comment17 May 2013
The portfolio currently invests in all maturities over the very short end of the yield curve on all deposits. The portfolio provides investors with an ideal hedge against rand depreciation and access to a well-diversified portfolio of developed market currencies
Market review
The rand appreciated against the US dollar (USD) and Yen (JPY) while depreciated against the Euro (EUR) and British pound (GBP) during the month.
USD
Three-month US dollar deposits trade at 0.25% during the month. The FOMC decided to keep the Fed Fund Rate unchanged on the 12th of December at 0.25%. The next FOMC meeting will take place on the 30th of January 2013 and we expect that the Fed Fund Rate will remain unchanged.
EUR
Three-month EUR deposits trade at -0.03% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 0.75% on the 6th of December. Looking forward market expectation is that the ECB could leave interest rates unchanged at 0.75% on the 10th of January2013.
GBP
Three-month GBP deposits trade at 0.51% during the month. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 6th of December. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 10th of January 2013.
Glacier Int Multi-Currency comment- Mar 13 - Fund Manager Comment17 May 2013
The portfolio currently invests in all maturities over the very short end of the yield curve on all deposits. The portfolio provides investors with an ideal hedge against rand depreciation and access to a well-diversified portfolio of developed market currencies
Market review
The rand (ZAR) depreciated against the US dollar (USD), Euro (EUR) , British pound (GBP) and Yen (JPY) during the month of March
USD
Three-month US dollar deposits trade at 0.18% during the month. The FOMC decided to keep the Fed Fund Rate unchanged on the 20th of March. The next FOMC meeting will take place on the 1st of May and we expect that the Fed Fund Rate will remain unchanged.
EUR
Three-month EUR deposits trade at 0.02% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 0.75% on the 7th of March. Looking forward market expectation is that the ECB will leave interest rates unchanged at 0.75% on the 4th of April.
GBP
Three-month GBP deposits trade at 0.51% during the month. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 7th of March. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 4th of April.