Currency Asset Management
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02.03.2023 | Issue #89
The dynamics of markets is a strong reminder to investors: FX also matters! As currency experts, we at QCAM are always close to the markets to analyse risks and opportunities and turn that into successful investment strategies.
«No 2022 déjà-vu»
The USD staged a solid rebound in February on the back of firmer activity and inflation data and higher Fed terminal rate pricing. In our view, the US data surprises highlight some of the risks for the outlook but don’t reflect a new trend. In particular, we do not see a return to the dynamics of 2022. We believe that…
Economy and Interest Rates
Economic data at the start of the year was stronger, leading to further positive growth revisions. Business sentiment is starting to improve and consumer confidence continues to recover. The disinflation trend remains intact, but latest figures…
The USD rebounded in February after four months of consecutive declines. The USD rally was broad-based but not even. The JPY was the biggest loser, while the SEK held up best. EM currencies also weakened versus the USD with the CNY at point down 3%. Speculative positions were…
There have been few signal changes since the last Monthly. The direction continues to be short USD but somewhat less than a month ago. Discretionary Macro positions remained unchanged.
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