And big moves in the yen
Good morning. McDonald’s reported a drop in sales during yesterday’s earnings call. It looks like the post-pandemic surge in restaurant revenge eating has come to an end, but fast-food investors can be assured: Unhedged continues to eat more than its share of burgers and fries. Email us with diet advice: [email protected] and [email protected]. This afternoon, Microsoft reports earnings. Tomorrow, Meta follows; Apple and Amazon chime in on Thursday.
The yen is a common borrowing currency for a carry trade, in which investors borrow the currency of a country with low rates, and invest the proceeds in a higher-yielding market elsewhere. Shorting the yen has also been a popular strategy in recent months.
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