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Foreign Exchange Insights and Strategies

  • December 4, 2016

    Mexican Peso Outlook - December 2016

    Mexico-centric uncertainty is high in the aftermath of the US presidential election with the MXN hit hard following the US elections, depreciating over 13% since November 8th. If Trump’s trade policy proves as negative as his election rhetoric was, it will affect Mexico’s growth in 2017. That said, it is still too early to assess the overall impact on the economy, or just how protectionist the Trump administration will be in practice. Bias – bearish (weaker MXN)

  • December 4, 2016

    British Pound Outlook - December 2016

    GBP has traded in the low-mid 1.20s for much of the period since the flash crash from early October. The resilience has been notable, delivering relative outperformance throughout the post-election USD rally. Risks remain elevated as markets continue to price in the uncertainty surrounding the Brexit process. The currency is likely to muddle around current levels in the coming months before recovering against a generally softening USD. Bias – bearish (weaker GBP)

  • December 4, 2016

    Japanese Yen Outlook - December 2016

    USDJPY is ending November with its greatest one-month gain since December 2009. Interest rate differentials have provided considerable support and have amplified the weakening move. JPY’s risk profile leaves it vulnerable to haven driven gains (USDJPY weakness) in periods of risk aversion and the near-term horizon is clouded with uncertainty. We continue to call for a stronger yen in the months to come targeting 110 for Q4 2016 and 105 for Q4 2017. Bias – bullish (stronger JPY)

  • December 4, 2016

    Euro Outlook - December 2016

    The EUR is entering December around 1.06, just above the multi-year low from late November. The outlook for relative central bank policy is bearish for EUR and interest rate differentials are likely to remain a drag into mid-2017. With the Eurozone set to see major elections in the Netherlands, France and Germany next year investors continue to remain bearish on the common currency. Bias – neutral EUR

  • December 4, 2016

    Canadian Dollar Outlook - December 2016

    The Canadian dollar’s weaker trend has one more leg to run. Following a Fed rate hike in December and further growth disappointments versus the BoC’s forecasts, the loonie is expected to reach 1.39 in Q1 2017. Post-election, MTFX has weakened our call for a Canadian dollar recovery and have pushed off any meaningful rebound well into 2018. We continue to see more Fed tightening as an offset to looser US fiscal policy. Bias bearish – (weaker CAD)

  • December 4, 2016

    December 2016 - Monthly Currency Outlook

    The US dollar is flying after Donald Trump’s victory, and the rally should continue into early 2017. Thereafter, the greenback could weaken, with the country’s wide current account deficit being seen in contrast to other economies and the Fed taking an extremely slow approach to rate hikes in 2017. Bias – bullish (stronger USD)

  • December 4, 2016

    FX Summary Forecast - December 2016

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

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