03.08.2023 | Issue #94 | QCAM MONTHLY
«High-Speed Rollercoaster»
FX markets started the second half of the year with the same rollercoaster pattern as they finished the first half, only faster. The USD DXY fell 3% in the first half of July and then recovered most losses by the end of the month. The volatility was driven by changing and diverging business cycle and inflation dynamics as well as central bank and market reactions. …
Economy and Interest Rates
The global growth outlook is diverging as we enter the second half of the year. Business surveys continue to weaken led by the Euro-area, while consumer surveys are recovering led by the US. The process of disinflation continues with…
FX Markets
The USD fell 3% in the first half of July but rebounded in the second half and offset most losses. The NOK, the CHF and the SEK performed best, both versus the USD and the EUR. Among EM currencies, …
FX Analytics
There have been few signal changes since the last QCAM MONTHLY and the balance of all positions remained modestly long USD. On the Macro side, we shifted EURSEK to neutral. Business Sentiment, …