UBS’s Richest Clients Still Love Dollar on September Fed Bet
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UBS Group AG’s wealthiest clients are still buying dollars even as the most popular trade in the foreign-exchange market has fallen out of favor, according to the world’s largest private bank.
UBS expects the Federal Reserve’s first interest-rate increase since 2006 to come in September after policy makers played down the significance of the economy’s slowdown in the first quarter, said Simon Smiles, chief investment officer for ultra-high-net-worth individuals in Zurich. The Fed’s decision would contrast with at least two dozen of its peers having eased monetary policy this year, led by the European Central Bank’s introduction of quantitative easing.