«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 …
Economy & Interest Rates
Global growth conditions continued to improve gradually with most country forecasts pointing to slightly better growth prospects in 2026, notably in Europe. Business sentiment improved for the last two months while consumer confidence …
FX Markets
The USD DXY rose 2.2% in October and reached 100 in early November. The main underperformer was the JPY followed by the GBP. EM currencies also weakened but much less with the CNH remaining stable over the last month. Speculative oversold USD positions …
FX Analytics
We kept all discretionary Macro positions unchanged with EUR, JPY, CHF and SEK long versus the USD. In Business Sentiment, the long CHF position switched to short versus the USD but the balance of all Business Sentiment positions remains …
