News

QCAM Monthly November 2020 >> What to make of it?

  • 09.11.2020
  • FX Monthly

QCAM Insight

The outcome of the US election was again a surprise as the “Blue Wave” was not as strong as expected. Still, markets have responded favorably, hoping that a more centrist government may emerge. The USD has weakened in response. Fundamentally, we remain USD bearish, yet prevailing uncertainties including the new surge in Covid-19 cases could swing sentiment either way in the short-term.

Economy and Interest Rates

Global economic activity recovered strongly in the third quarter but momentum is now fading as the recovery is moving from the re-opening rebound to a second more cyclical phase, which is still marked by significant corporate balance sheet and labor market distortions, while a new round of Corona infections is undermining mobility and activity, especially in Europe.

FX Markets

Currency markets were largely range-bound in October and running into the US election. The main exception was the TRY, which fell nearly 10%. Among major currencies, the SEK was one of the best performers, while the CNY stood out among emerging market currencies.

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 November 2020

Follow-Up results

This is next in your query
QCAM Monthly June 2021 >> The new theme on the block

The USD declined further in May as vaccination and recovery momentum increased in other economies...» more

QCAM Monthly May 2021 >> Mixed picture with e...

The USD fell back in April as the rise in US interest rates faded. No strong trend has yet emerged a...» more

QCAM Monthly April 2021 >> Ides of March or A...

The USD strengthened in March on the back of improved economic sentiment and rising bond yields. The...» more