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.

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 email