Jyske Bank - FX

FX - Spot On

FX - Spot On is a monthly publication which focuses on the Foreign Exchange market. We explain our view of the financial markets in general and present analyses of selected currencies

	FX - Spot On, Februar 2012 [06/02/12]
	Will we see a Greek ?exit? or a poor stop-gap solution? Did the Fed just announce QE3? Keep a close eye on the ECB?s 3-year LTRO at end-February (the ECB?s Draghi anticipates a substantial demand). The relaxed monetary-policy tone in the ECB, the Fed etc. is positive news for equities, commodities and other risky assets and currencies. *EM currencies are in for a volatile period of time. Slower global economic growth combined with a relaxed global monetary policy is pulling in opposite directions.

	FX - Spot On, Januar 2012 [13/01/12]
	* 2012: ”The crucial moment” for a squeezed euro? * We anticipate a weak euro throughout 2012 ? no collapse. Especially H1 2012 will be a challenge for the single currency. * USD will appreciate over 2012. * We see rising potential in USD-related EM currencies. ?Timing is everything”.

	FX - Spot On, December 2011 [09/12/11]
	Spot On in a renewal phase. This month we introduce ”Top Picks” Will the ECB be authorised/permitted to buy up unimaginable amounts of Southern European government bonds? If so, the krona, the Norwegian krone and EM currencies will appreciate against the euro. For the US dollar, the yen and the Swiss franc the picture is more uncertain. 10-year Italian, Spanish and now also Belgian government bonds are trading at high and unsustainable levels. *The EU summit on 9 December is important.

	FX - Spot On, November 2011 [16/11/11]
	Spot On in a renewal phase. Read more in the introduction Debt crisis and growth scare are intact. We believe that the recent month?s heavy demand for risky assets is exaggerated. At best, we will see a period of ”sideways” trading. 10-year Italian government bonds are trading close to an all-time-high. EM currencies have depreciated despite 20% increases in DAX and S&P. A conflicting signal which calls for caution. We still believe that the debt crisis and the growth scare will prevail.

	FX - Spot On, Oktober 2011 [07/10/11]
	September saw focus on central banks reaction to the growth crisis Economic indicators in early October will signal whether the US and Europe are heading for a double dip Emerging markets will be in for a further ?beating? if the macro-economic data continue to fall A solution to the European debt crisis is an important step towards better times ? will the European politicians have the courage, the will and the possibilities?