Long-term fair value measures are suggesting that the USD is currently overvalued, particularly as productivity has declined in the US faster than in other countries.

We find that GBP is weak on many measures, with PPP suggesting GBPUSD is Read More →

This past week the BoJ extended the life of its fading QE programme ‘on the cheap’ while the Fed remained cautious, assessing the need for further tightening. The markets took this as a risk-on/ USD-off outcome. The USD-off lean could Read More →