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Foreign Exchange Insights and Strategies

  • September 9, 2016

    Mexican Peso Outlook - September 2016

    The political scandals in Mexico are mounting but have not yet hurt the currency. Working against this backdrop political concern, there seems to be declining risks of a major shock to the NAFTA. Whereas early US campaign talk included an “end of NAFTA”, both of the leading candidates now seem to discuss an update of the treaty, which may even be positive. Despite the political risks, most analysts remain bullish on the MXN especially with the steady growth experienced in the U.S.

  • September 9, 2016

    British Pound Outlook - September 2016

    GBP weakness appears set to continue and we continue to maintain a bearish view on the back of deteriorating growth prospects in the UK, which may trigger further aggressive action by the Bank of England. The pound will also continue to remain vulnerable as a result of an increasingly wider policy divergence between the BoE and the Fed. The GBP is likely to fall further in the coming months possibly reaching the mid 1.20’s before stabilizing.

  • September 9, 2016

    Japanese Yen Outlook - September 2016

    Though the yen continues to remain at elevated levels, most analysts maintain a bearish view on the back of central bank policy divergence. The Bank of Japan is under pressure to act to kick-start a weak economy and stem resurgent threats of deflation. Further monetary stimulus could push USDJPY to higher in the coming months and could target 105 by the year-end.

  • September 9, 2016

    Euro Outlook - September 2016

    The European Central bank seems adamant to remain on the sidelines to assist a weak Eurozone economy saddled with weak growth and below-target inflation. With interest rates already deep in negative territory, the ECB may instead opt for an enhanced asset purchase program and targeted loans to rekindle credit growth. Such stimulus should keep bond yields low and the euro under pressure. We call for an end-of year target of 1.08 for EURUSD.

  • September 9, 2016

    Canadian Dollar Outlook - September 2016

    While the Canadian dollar has shown resilience in recent months, the currency nonetheless remains highly vulnerable. The large current account deficit remains the loonie’s Achilles heel and are are reiterating our call for USDCAD to be in the 1.35 range by the end of the year before the rebounding and trading in a slightly stronger range next year.

  • September 9, 2016

    September 2016 - Monthly Currency Outlook

    The Fed’s tightening bias is now being promoted more forcefully by FOMC members including Chair Yellen. In light of hawkish signals by the Fed, we have brought forward the timing for the first rate hike to December of this year. That should maintain the US dollar on an upward trajectory over the balance of the year as markets eventually get to price a full hike. Thereafter, the currency will struggle and likely suffer a broad-based depreciation in 2017.

  • September 9, 2016

    FX Summary Forecast - September 2016

    A global currency forecast spanning two years on the majors and Canadian crosses

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