HIA Hope (Yet Again)
Tuesday’s late dollar rally during the London session served as a reminder of the power of the HIA II (Homeland Investment Act) story. Floated on and off over the last few years as a stimulus measure, many investors still hope that a tax holiday to assist in the repatriation of the ‘trillions’ ($2.4tn cumulative since 2000) of retained overseas earnings held by US companies could prompt a repeat of the dollar rally of 2004~2005.
Read the full report: UBS