News & Publications
2026 Sneak Preview
QCAM Monthly December 2025: «2026 Sneak Preview»: We retain our bearish USD bias going into 2026. Growth and monetary policy asymmetries plus the persistent US twin deficit are the main drivers of our bearish USD view. However ...
“Swiss Safety” for your liquidity – now also available in EUR, GBP, and CHF share classes
We are pleased to inform you that our QCAM Short Term Fixed Income fund is now available not only in USD but also in EUR, GBP, and CHF share classes. This gives you even more flexibility for investing in the proven and low-risk fund portfolio.
A New USD Pivot?
QCAM Monthly November 2025: «A New USD Pivot?» The USD rebounded strongly since early October and challenges our bearish USD outlook. Several factors support the USD at the moment including the hawkish tone of Fed Chair Powell and that may push the USD higher amid short-covering by speculators. However ...
FX NOW! THE WEEK AHEAD – An FX compass in Central Bank Weeks (27.10.2025)
FX NOW! THE WEEK AHEAD – An FX compass in Central Bank Weeks (27.10.2025). 📌 Agenda as of 27 October 2025: Central Bank Meetings (CET): Canada - 29.10.2025 / USA - 29.10.2025 / ECB - 30.10.2025 / Japan - 30.10.2025
Hold on!
QCAM MONTHLY October 2025: «Hold on!» The USD received a boost in early October after narrow range trading in September. However, the reason was not a fundamental improvement in the USD outlook but market expectation that Japan will return to Abenomics after Takaichi’s surprise win in the LDP leadership election and the resignation of French PM Lecornu. In our view,...
Reducing Collateral Costs in FX Hedging (QCAM Thoughts)
Collateral requirements in FX hedging are an ongoing concern for institutional investors. Hedging foreign currency exposures with forwards often requires collateral — tying up liquidity and reducing portfolio flexibility.
Donations support to Smiling Gecko & Mi Sangre
Amidst the festivities, we remain mindful of those in need. True to tradition, our charitable donations supports the Smiling Gecko foundation for Cambodia and the Colombian foundation Mi Sangre, reflecting our commitment to sustainability.
«FX BIAS» Review 2022
2022 was a turbulent year for FX BIAS after a promising start in 2021. The Ukraine war, the rapid changes in monetary policy and the rise and fall of risk aversion created fast moving dynamics that were impossible to capture accurately with business surveys.
Donations to Smiling Gecko & Mi Sangre
Thank you! We cordially express our Thanks to [...]
«FX BIAS» developments – Review and update
After almost two years since the launch of FX BIAS and a good evolution since then, we would like to provide you with a short review and an update about the latest developments of the FX BIAS Strategy.
QCAM has been shortlisted as Currency Manager of the Year 2022
QCAM has been shortlisted from the European Pension as Currency Manager of the Year to win a 2022 European Pensions Award.
QCAM also makes hearts beat
QCAM sponsors a heart for the open air exhibition HeartBeats. The open-air exhibition combines art and solidarity and helps children, young people as well as people without shelter in Switzerland, who are particularly affected by the corona pandemic.
Superbcrew – QCAM Announces The First QCAM FX DAY And Releases QCAM FX NOW!
Interview Superbcrew with Thomas Suter, CEO of QCAM - Q: QCAM Currency Asset Management AG will host the first QCAM FX DAY on June 19th; can you tell us something more about this event? A: After the second edition of our „Economy & Currencies“ event conducted in March in cooperation with research partner Wellershoff & Partners,
Citywire – Pfäffikon currency manager: PPP deviations sound alarm bells
Citywire reports about our alarming asspumtion of the increasingly large deviations in purchasing power parity. Thomas Suter, CEO of QCAM, is talking about rising hedging costs and nimble operators.
Citywire – Currency count: How to hedge a Trump victory
Interview with QCAM CEO Thomas Suter on the impact of a potential Trump victory on the currency markets
Superbcrew – Interview with QCAM CEO Thomas Suter
With a specific focus on Currency Management the company offers a wide range of products and services.
Radio Opalesque :: Currencies – Capitalise on Market Volatility
The decade old firm manages USD3billion and amongst others runs v-Pro, a USD530million foreign-exchange options program that delivered a positive performance of 20.06% in 2015.
Bloomberg – v-Pro: The outperformer in a difficult environment for hedge funds
We are very pleased that our achievements are being recognized also abroad. As Bloomberg reported last week v-Pro – the long/short FX volatility strategy of QCAM Currency Asset Management AG – has generated +21% performance this year through November 11, 2015. It’s the top performer in the reputed Parker Global Currency Manager Index.
14.11.2017 – QCAM main sponsor at Currency Overlay Conference in Frankfurt
QCAM is one of the main sponsors of the Currency Overlay Conference which is organized by the EURO FINANCE WEEK.
27./28.10.2016 – QCAM participates at the 9th Richmond PIMS Forum in Bad Ragaz (CH)
Sophisticated 3rd party fund selectors (Delegates) of privat banks, insurance companies, family offices and independent asset managers meet product and service providers as we are.
17.06.2016 – QCAM Mainsponsor at St. Galler Forum for financial management and controlling
Event for finance management and controlling, organised by FHS St.Gallen
31.05.2016 – Economy & currencies – a joint event by QCAM and Wellershoff & Partners
Client event Economy & currencies with QCAM and Wellershoff & Partners: After a successful start into the year 2016 we are pleased to organize with Wellershoff & Partners an exclusive evening event. Professor Dr. Klaus W. Wellershoff will present views on the world economy and the currency markets.
07.04.2016 – 5th Swiss Asset Management Day
Quaesta Capital, the Asset Manager and Currency Specialist with domicile in Pfäffikon SZ, is a sponsor and will be represented also at this year’s
It’s the labor market, stupid!
The USD weakened further in August as renewed hopes for a soft-landing of the US economy and further Fed rate cut expectations revived the risk-on market sentiment. In the near-term, much will depend on US labor market figures. However, we believe that the market’s Fed rate cut expectations are overdone.
August blues
The USD fell sharply on the back of the July labor market report. However, fears of recession seem overdone. In our view, uncertainties and low liquidity dominate in the short-run, but relative growth performances and monetary policy decisions remain key for the overall direction in FX markets. We expect, that...
Swiss Safety For USD Liquidity
Holding liquidity has been costly for many years. Now, cash offers again positive real returns and we believe the fundamental macro and monetary policy conditions behind that will prevail. By transforming the safety of short-term Swiss commercial paper into USD liquidity, the QCAM Short Term Fixed Income Strategy - USD (QCAM STFI-USD) offers investors liquidity, superior returns and reduced credit and market risks.
Still within range
The USD weakened in May as hopes for more Fed rate cuts before year end reemerged. In our view, this is not a fundamental change but a move within the range. The outcome of the next US labor market and inflation reports as well as the FOMC meeting may lead to more USD downside in the near-term, but we believe the range will hold, thanks to the USD’s yield and safe-haven appeal.
Sayōnara Yen
The USD continued to rise in April as Fed rate cut expectations were further curtailed and thanks to the BoJ not sounding concerned about JPY weakness. We think the USD will be range-bound going forward as US exceptionalism gradually fades while the Fed trails rather than leads the easing cycle. We have lost confidence that the BoJ will outline a tightening cycle that is supportive for the JPY.
Early and Late Movers
The USD continued its recovery in March after a short break in February. We think the USD will on balance remain firm, but we also expect more divergence given the cross current of policy and business cycle dynamics. In particular, we think the ECB will cut interest rates earlier and more than the Fed, hurting the EUR, but we also expect that a broadening global recovery will lift commodity prices and risk sentiment, supporting currencies such as the AUD.
