Awaiting gradingThe won came back 115 against the dollar in a month, and not because the dollar weakenedScore on August equity flows and the rate. If foreign investors return to heavy net selling and the rate still holds below 1,450 at month end, count it as the surplus coming through, and if the rate slides back above 1,500 as selling resumes, count it as a lull.
Awaiting gradingWhy has Fed Chair Warsh decided to stop telling you the next move at his press conference?Score on reactions to data releases through the September FOMC. If rate futures swing noticeably wider on inflation and jobs days than they averaged in the first half, count it as losing guidance's cushion, and if the moves are similar or smaller, count it as a normalisation toward the data.