What the COFER Data Means
On Friday the IMF released its Q1 2013 update for the composition of foreign exchange reserves (COFER), including for the first time the holdings of AUD and CAD within allocated reserves. Data for Q4 2012 for the two were also included. As my colleague Gareth Berry pointed out last Friday (see FX Morning Adviser – AUD Suspense Almost Over, June 27), aside from the AUD and CAD, the reserve status of the JPY was of particular interest, even though the numbers would not have factored in April’s QQE.
Read the full report: UBS