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Foreign Exchange Insights and Strategies

  • November 4, 2016

    Mexican Peso Outlook - November 2016

    The Mexican peso has appreciated this month with both internal and external factors supporting the currency and forcing the Banxico to increase the overnight rate. U.S. politics continue to play a big role in the currency’s trend - Donald Trump’s decline in the US Presidential polls has also supported the MXN during the last month. Despite the political risks, most analysts remain bullish on the MXN especially with the steady growth experienced in the U.S.

  • November 4, 2016

    British Pound Outlook - November 2016

    Increasing expectations of a hard Brexit, fueled by Prime Minister May’s recent comments, have given rise to a fresh round of negativity surrounding the currency. The currency is likely to muddle around current levels in the coming months as the recent slide in GBP could be a boon for exporters, but will also put pressure on consumption given the rise in import prices. Expect the currency to remain around these weak levels for the rest of the year.

  • November 4, 2016

    Japanese Yen Outlook - November 2016

    Japan is in a similar bind with unfavourable demographics and the resulting downward pressure on inflation. The annual inflation rate was -0.5% in September, the sixth consecutive month below zero. The fact that the BoJ did not provide any additional monetary policy stimulus in October suggests the BoJ has thrown in the towel. As such, the yen is unlikely to depreciate much from here.

  • November 4, 2016

    Euro Outlook - November 2016

    The euro lost ground against the dollar in October, despite the lack of additional stimulus from the European Central Bank. ECB President Mario Draghi doesn’t seem to be in a rush, saying the decision whether or not to tweak monetary policy will only be taken after getting new economic forecasts in December. Absent further debasement policies, the euro may not depreciate all that much from here.

  • November 4, 2016

    Canadian Dollar Outlook - November 2016

    The Canadian dollar lost ground against the USD for a fourth consecutive month, despite higher oil prices in October. Under pressure from a surging greenback ─ courtesy of rising odds of Fed rate hikes before year-end ─, the loonie also has to contend with the Bank of Canada’s increasingly dovish rhetoric. Those headwinds should keep the loonie grounded over the near to medium term.

  • November 4, 2016

    November 2016 - Monthly Currency Outlook

    After its repeated warnings about an interest rate hike, the Federal Reserve now finds itself with one last chance to save face. Most expect the Fed to hike in December, which should see the U.S. dollar strengthen. One thing that could force the Fed to remain in pause mode is an unexpected shock - the upcoming elections could provide potential for such an event unfolding. The U.S. dollar could do well even under such a scenario, supported by safe haven flows.

  • November 4, 2016

    FX Summary Forecast - November 2016

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

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