2020 FX Outlook: Diamonds in the rough

2019 produced strong returns in most asset classes. And many calls, including our own, that the dollar would peak may still prove correct. Yet the dollar story in 2020 looks far from straightforward. Instead 2020 looks like it will be a ‘currency-pickers’ market

In this bundle

2020 FX Outlook: Diamonds in the rough

In an FX market priced for secular stagnation, our call for 2020 is to identify undervalued currencies able to hold their own against the dollar –…

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USD: A different kind of decline

After a decent run for the dollar in 2019, many are now calling for broad-based depreciation. But we think things are a little more nuanced

EUR: The funding currency

The euro is no longer cheap against the US dollar, growth remains sluggish and the prospects for ECB tightening are weak. In short, we're not excited…

GBP: Light at the end of the tunnel

The outlook for the pound all hinges on Brexit

CNY: Entering a volatile year

The direction of the Chinese yuan in 2020 will depend on progress in the trade war

LATAM: Reversal of fortunes

Trade war concerns and the appreciation of the US dollar kept many LATAM currencies under pressure in 2019 but there were significant differences between…

2020 commodities preview

Trade talk optimism provided some support to commodity markets during the first half of 2019, while slowing global activity and reduced volatility were…