Dear Clients, This is the final publication for the year, in which we recap some of the key economic developments this month. Our publishing schedule will resume on January 6, 2022. The China Investment Strategy team wishes you a very…
The JP Morgan Emerging Markets Currency Index has fallen sharply over the past month and is now at lows last seen during the initial phase of the COVID-19 crisis in the spring of 2020. The currency index that excludes China,…
Highlights 1. How will the pandemic resolve? 2. Will services spending recover to its pre-pandemic trend? 3. Will we spend our excess savings? 4. How will central banks react to inflation? 5. Will cryptocurrencies continue to eat gold…
The world’s two largest economies are diverging on monetary policy. The Fed is starting to normalize policy by tapering its asset purchases and preparing to hike interest rates next year. Meanwhile, the PBoC is easing…
The mainstream EM (EM economies excluding China, Korea and Taiwan) equity market cap-weighted currency spot rate versus the US dollar is not far from its 2020 spring lows. On a total return basis – when carry…
BCA Research’s Foreign Exchange Strategy service expects the Swiss franc to benefit in the very near term as volatility stays elevated. The CHF is as much driven by global dynamics as domestic actions by the SNB. With…
Highlights The strength in the Swiss franc will moderate going forward. This suggests that EUR/CHF is a buy, while USD/CHF will remain in a tight wedge. With Omicron likely to rage across economies, including Switzerland, the Swiss…
Highlights Our theme for the year, “No Return To Normalcy,” is largely vindicated. Inflation is back! The geopolitical method still points to three long-term strategic themes: multipolarity, hypo-globalization, and populism…
Dear Client, We are sending you our Strategy Outlook today where we outline our thoughts on the global economy and the direction of financial markets for 2022 and beyond. Next week, please join me for a webcast on Friday, December 10th…