07.06.2023 | Issue #93 | QCAM MONTHLY
«Half Time»
After the strong trends in 2021 and 2022, FX markets were less directional and more dispersed in the first half of 2023. This pattern may well continue in the second half of this year although the underlying drivers are likely to shift. In our view, the dominant theme will…
Economy and Interest Rates
The balance of growth forecast revisions has started to move lower and business sentiment is weakening as well, while consumer sentiment continues to improve, albeit from low levels. China’s recovery from the lock-down was strong but…
FX Markets
The USD fell back in June with the USD DXY down 1.7%. All major currencies were up versus the USD except for the JPY. Among EM currencies, the BRL managed more gains, while the TRY plunged further after disappointment over rate hikes. Overall speculative positions…
FX Analytics
There have been few signal changes since the last QCAM Monthly and the overall USD position moved from neutral to a small long. The Macro positions remained unchanged. Business Sentiment went from neutral to…