Millennium Global Macro and Currency Outlook: Highlights Q4 2017

Millennium Global is pleased to share Millennium Global’s Q4 2017 Macro and Currency Outlook Highlights document, which examines themes including:

  • A bearish medium-term US dollar view, given persistently low inflation, uncertainties about the FOMC’s composition in 2018 and a likely modest boost to growth only from fiscal policy next year.
  • Scope for additional Euro gains vs. US dollar based on upside cyclical momentum in the Euro area  and an under-priced interest rate outlook.
  • A bearish outlook for the British pound vs. Euro over the medium-term based on cyclical underperformance of the UK economy and continued delays in UK-EU negotiations raising risks of capital flight.
  • The greater potential for Swedish krona than Norwegian krone  appreciation vs. EUR over the coming months.
  • Potential for Polish zloty to rebound vs. Euro following the market overreaction to tensions between Poland and the EU.
  • The negative impact of the Chinese real estate downturn on commodity prices eventually taking a toll on Australian dollar.

This document contains the views and opinions of our Global Economic Research and Strategy Team and does not necessarily represent the views and opinions of Millennium Global or any of its Portfolio Managers.

Please click here to view the highlights document. If you require the full Millennium Global Macro and Currency Outlook Q4 2017 which explores a wider range of markets and views please contact us.