QCAM MONTHLY
The dynamics of markets is a strong reminder to investors: FX also matters! As currency experts, we at QCAM are always close to the markets to analyse risks and opportunities and turn that into successful investment strategies. Contact us – we look forward to showing you new perspectives.


02.03.2023 | Issue #89 | QCAM MONTHLY
QCAM MONTHLY covers all aspects of FX markets, research and strategies plus business topics and informs you about QCAM offers and services – all in concise and compact form. And free, of course.
«No 2022 déjà-vu»
QCAM Insight
The USD staged a solid rebound in February on the back of firmer activity and inflation data and higher Fed terminal rate pricing. In our view, the US data surprises highlight some of the risks for the outlook but don’t reflect a new trend. In particular, we do not see a return to the dynamics of 2022. We believe that…
Economy and Interest Rates
Economic data at the start of the year was stronger, leading to further positive growth revisions. Business sentiment is starting to improve and consumer confidence continues to recover. The disinflation trend remains intact, but latest figures…
FX Markets
The USD rebounded in February after four months of consecutive declines. The USD rally was broad-based but not even. The JPY was the biggest loser, while the SEK held up best. EM currencies also weakened versus the USD with the CNY at point down 3%. Speculative positions were…
FX Analytics
There have been few signal changes since the last Monthly. The direction continues to be short USD but somewhat less than a month ago. Discretionary Macro positions remained unchanged.
QCAM Monthly September 2022 >> The party is over
QCAM Monthly September 2022 QCAM Insight: "The party [...]
QCAM Monthly August 2022 (Special) >> Who’s afraid of recession?
QCAM Monthly August 2022 (Special) with QCAM Special: [...]
QCAM Monthly July 2022 >> The Euro’s Italien heel
QCAM Monthly July 2022 QCAM Insight The USD [...]
QCAM Monthly June >> Correction or inflection?
QCAM Monthly June 2022 QCAM Insight The USD [...]
QCAM Monthly May >> Don’t fight risk aversion
The USD outperformed across the board in April on rising global growth concerns and risk aversion. The Fed’s lead in the hiking cycle further supported the USD. We think...
QCAM Monthly April >> Surprise me
The Ukraine war remains a source of uncertainty but has not derailed financial markets. Europe is still most at risk and commodity currencies remain a good hedge but the focus is on...
News & Media
«FX BIAS» Review 2022
2022 was a turbulent year for FX BIAS after a promising start in 2021. The Ukraine war, the rapid changes in monetary policy and the rise and fall of risk aversion created fast moving dynamics that were impossible to capture accurately with business surveys.
QCAM Monthly January 2022 >> Soft or Hard Landing?
QCAM Monthly January 2023 QCAM Insight The USD is down nearly 10% since the peak in late September. The key drivers of the shift were the expected pivot in Fed policy and a [...]
Donations to Smiling Gecko & Mi Sangre
Thank you! We cordially express our Thanks to you and our clients, investors, partners and friends. Thank you [...]
QCAM Monthly December 2022 >> 2023 sneak preview
QCAM Monthly December 2022 QCAM Insight: "2023 sneak preview" FX markets were driven by unexpected events and developments [...]