11.01.2024 | Issue #99 | QCAM MONTHLY
«Review & Outlook» Interview with CEO Thomas Suter
How would you sum up the foreign exchange market in 2023?
Geopolitical tensions, high key interest rates and persistent inflation have led to considerable uncertainty in the markets. After the broad dollar rally in 2021/22, …
«FX BIAS 2023 Review» QCAM Special
2023 was a difficult year in FX markets with no lasting trends and much volatility. FX BIAS navigated the ups and downs well through October but lost about half of its gains in the USD sell-off in November. Changes in market expectations on the direction of central bank policies created volatility around business cycle trends. Nevertheless, …
«An odd couple» QCAM Insight
The USD sell-off has faded at the turn of the year. Soft-landing is favored by the market but that is priced in and uncertainties remain large. As a result, we expect range-trading for G10 currencies in the near-term. Besides the main direction of FX markets in 2024, an interesting question is…
Economy and Interest Rates
Global growth conditions remained sluggish at the end of 2023 with continued US outperformance versus the rest of the world, most notably Europe.
FX Markets
The USD DXY rally fell 2.0% in December but stabilized around the turn of the year. EM currencies underperformed, up just 0.6% versus the USD in December, thanks to further weakness of the TRY.
FX Analytics
Several key signal changes have shifted the overall USD position to neutral. All discretionary Macro positions remained unchanged but Business Sentiment …