Macro hedge fund that made 47% says US dollar isn't done falling

SINGAPORE (Jan 30): Former Credit Suisse Group AG trader Charlie Chan, whose macro hedge fund surged 47% last year to beat rivals, is holding on to bearish bets on the dollar. For now.

Chan’s Splendid Asia Macro Fund, with just under US$200 million ($263 million) in assets, wagered correctly in 2017 that regional emerging-markets currencies would gain against the dollar. That is likely to continue as President Donald Trump’s “America First” policy will put downward pressure on the greenback, Chan said in a telephone interview from his office in Singapore.

US Treasury Secretary Steven Mnuchin last week triggered the dollar’s steepest slide since March by saying "a weaker dollar is good” for US trade. Still, Chan is monitoring his position very cautiously given the sharp pullback. He also expects the US yield curve to steepen, which will help stabilise the currency.

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