QCAM Monthly July 2020 >> The low volatility illusion

  • 13.07.2020
  • FX Monthly

QCAM Insight

FX volatility rose briefly at the start of the Corona crisis and then normalized quickly. Central banks will try to keep it that way and market participants are unlikely to bet against them. Yet, currency trends can change without a rise in volatility, while central banks may not succeed in keeping everything stable.

Economy and Interest Rates

Global economic activity continued to recover in June after turning in May. North Asia continues to lead the recovery followed by Europe and the USA, while other Emerging Markets, notably in South America, are lagging behind.

FX Markets

Exchange rates have been more range-bound over the last months. Classic safe-haven currencies performed better but the USD failed to regain the lost ground versus the EUR, supporting the view that a trend change is emerging.

FX Analytics

Going into more detail: Based on our proprietary analytical framework to take scalable exchange rate positions we are taking a close look on individual currency pairs.

Download: QCAM MONTHLY July 2020

Follow-Up results

This is next in your query
QCAM Monthly October 2020 >> Correction yet n...

The USD rebounded in September as risk aversion increased and Corona cases in Europe surged. Uncerta...» more

KMU Wirtschaft - Professional currency manage...

Articel by Thomas Suter, CEO of QCAM Currency Asset Management in KMU- Wirtschaft Magazin issue 3/20...» more

QCAM Monthly September 2020 >> Abe's legacy and the Yen

Shinzo Abe leaves a mixed legacy. He broke the deflationary spiral, but failed to complete Japan's r...» more