July 2020 Currency outlook - Market insight into global currencies
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USD
CAD
GBP
EUR
CHF
July 2020 PLN
CZK
Currency outlook AUD
Market insight into global currencies
JPY
CNY
NZD
SGD
MXNUSD
USD
By Joe Manimbo, Currency Strategist – North America
CAD
July events June review July risk events and key themes GBP
The U.S. dollar wavered but mostly weakened amid nascent Barring a breakout catalyst, major currencies appeared
01 ISM manufacturing
signs of a rebounding world economy. The tenor of markets poised to maintain well-trodden ranges. Sentiment continues
Wed index
continued to swing between recovery hopes and fears of to shift between recovery hopes and fears of another wave
EUR
02 Nonfarm payrolls
another wave of coronavirus infections. After America bled of the coronavirus. Political factors are likely to become
Thu a record amount of jobs in April, more than 20 million, May influential ahead of America’s approaching presidential
proved another month for the record books when payrolls election in November.
06 ISM non‑manufacturing surged by 2.5 million. y U.S. second quarter growth, due in late July, is forecast CHF
Mon index
y Early evidence of the world’s biggest economy shaking off to show the world’s top economy took an unprecedented
plunge of at least 30%.
14 the devastating effects of the coronavirus boosted risk
Tue
CPI
assets at the expense of safer plays like the greenback. y Good data would tend to be risk-positive and negative PLN
y Still, recovery optimism lacked conviction amid fears for safe bets, while great news might allow for some
15 Empire State index that a sharp rise in Covid-19 cases could herald renewed fundamental strengthening in the greenback.
Wed
economic shutdowns. y Barely positive: The dollar index was up less than 1% for 2020. CZK
16 Retail sales y A record 18% surge in U.S. retail sales gave the dollar a
Thu
fundamental lift above three-month lows. Source: Reuters, 2018
29 FOMC decision AUD
Wed
30
Thu
GDP Q2
JPY
Economic data EUR/USD (12 months) CNY
1.15
Base Rate: 0-0.25%
GDP: -5.0%
1.12
NZD
Inflation: 1.0%
Unemployment: 13.3%
1.09
SGD
Trade Balance: -$49.4 Bn 1.06
J A S O N D J F M A M J
MXNCAD
USD
By Joe Manimbo, Currency Strategist – North America
CAD
July events June review July risk events and key themes GBP
The Canadian dollar received an energy boost as oil markets Canada’s loonie, named for the bird on the one-dollar coin,
02 Trade balance extended a recovery from historic lows. USD/CAD slipped to kept to a broad range that hinged mostly on global recovery
Thu
three-month lows as oil climbed to $40 from below zero in April. prospects. Bank of Canada Gov. Macklem, sketching a long
EUR
07 Ivey PMI
While stronger, Canada’s currency largely zigzagged higher and slow recovery from the coronavirus suggests continued
Tue with bouts of strength checked by worries about another wave range-bound trade over coming weeks.
of the coronavirus, a scenario that could impede recovery and
10 Employment potentially lead to renewed business closures.
y Oil and coronavirus-related developments will help guide
the Canadian unit over the weeks ahead.
CHF
Fri
y USD/CAD fell nearly 2% in June as recovery optimism, y Canada’s June jobs report, if stronger than May, would
15 Bank of Canada while fluid, supported currencies with the closest links to bolster confidence in the nation’s economic recovery.
Wed decision global growth.
y While down for June, USD/CAD remained up about 4%
PLN
y In June Canada welcomed a new central bank chief in Tiff
17 Wholesale trade Macklem, who embarked on a 7-year term.
year‑to-date.
Fri
y Oil markets pushed higher after ending April below $20 and CZK
21 Retail sales May at $35.
Tue
22 CPI AUD
Wed
31
Fri
GDP (May)
JPY
Economic data USD/CAD (12 months) CNY
1.46
Base Rate: 0.25%
GDP: -8.2%
1.40
NZD
Inflation: 0.7%
Unemployment: 13.7%
1.34
SGD
Trade Balance: -C$3.25 Bn 1.28
J A S O N D J F M A M J
MXNGBP
USD
By George Vessey, Currency Analyst – United Kingdom
CAD
July events June review July risk events and key themes GBP
As lockdown restrictions gradually eased, focus turned to economic Despite UK PM Johnson’s confidence that a UK-EU trade deal
14 Average earnings data and signs of a speedy recovery. Despite the resilience of the can be achieved by the end of the July amid weekly intensive
Tue
UK labour market and a rebound in retail sales, the UK economic
outlook still appears very fragile. Forecasts from intergovernmental
talks taking place, it remains an unlikely scenario. Economic
uncertainties tied to Brexit may impede the recovery hoped
EUR
14 GDP organisations pointed towards Britain potentially suffering for later in 2020 and in the years to come. Sterling will also
Tue
more so than any other developed nation as a result of the remain sensitive to wrestling risk sentiment that is driving
15 Inflation (CPI)
coronavirus crisis. Moreover, ongoing and deadlocked Brexit FX markets more so than ever. The underlying risk of a new CHF
Wed negotiations exacerbated fears of a slower economic recovery wave of coronavirus cases as nations gradually emerge from
as an extension to the transition period was ruled out resulting lockdown, will continue to haunt financial markets and likely
24 in no-trade deal concerns resurfacing. Sterling, driven primarily cap extensive risk appetite. This may weigh heavier on the
Fri
Retail sales
by risk sentiment, was taken on a rollercoaster ride throughout pound given its increasing vulnerability to risk sentiment as a PLN
the month as the tussle between risk-on and risk off dominated. result of its sensitivity to political news.
24 Flash PMIs y GBP/USD jumped to $1.28 on soaring risk appetite before y Amidst a pandemic-induced depression of unknown
Fri
taking a U-turn and falling back towards $1.23 as new duration, a no-trade deal Brexit would cause additional CZK
31 Consumer confidence
coronavirus cases began to rise. GBP/EUR had pressed trade shocks to an already ultra-uncertain environment.
Fri towards €1.13 before testing the €1.10 handle. y If the UK and EU do make positive shifts in the Brexit Source: Reuters, 2018
y The UK government’s debt exceeded the size of the UK
economy in May for the first time in more than 50 years as
spectrum though, sterling is expected to claw back gains
lost in June.
AUD
borrowing surged to pay for coronavirus mitigation measures. y As lockdowns ease though, COVID-19 cases may climb and if
y The Bank of England boosted its bond-buying programme by risk aversion gains more traction as a result, the pound will
£100bn to maintain extremely low government borrowing costs. likely depreciate. JPY
Economic data GBP/USD (12 months) CNY
1.34
Base Rate: 0.1%
GDP: -1.6%
1.30
NZD
1.26
Inflation: 0.5%
1.22
Unemployment: 3.9%
1.18
SGD
Trade Balance: £0.31 Bn 1.14
J A S O N D J F M A M J
MXNEUR
USD
By Guillaume Dejean, Currency Strategist – Europe, Middle East, Africa
CAD
July events June review July risk events and key themes GBP
The euro hit a three-month high against the greenback After a phase of consolidation in June the euro could resume
02 Unemployment rate ($1.14) and five-month high against the Swiss franc (₣1.09) in its rally in July. This will depend on three factors: the ability of
Thu
June, before dropping in the absence of new catalysts to the European economy to keep up a strong momentum, EU
EUR
03 Final PMI underpin another rally. This surge of confidence came with the leaders striking a deal on the stimulus package, and the ECB
Fri Composite index announcement of a massive European bail-out plan (€750Bln) convincing markets of its unconditional support. If any of those
but gradually ran out of steam as political divergences prerequisites is not completed, euro sellers will have the upper
06 Retail sales remained strong and a deal remained pending. Growing hand over buyers and potentially send the currency lower. CHF
Mon concern about a likely second wave of the coronavirus Without good news in Europe, investors will likely become
worldwide also drove market demand toward traditional safe more bearish about the euro which does not perform well in a
06
Mon
Sentix index haven currencies at the expense of euro. risk‑off environment.
PLN
y The European currency took a natural break in its rally as y European stimulus is key for ensuring a sustainable recovery
10 Fitch credit rating markets returned to a risk-off mode. momentum of the economy.
Fri on Italy
y Flash PMI surveys confirmed a “V-shape” recovery of the y Confidence in the euro is new and still fragile, leaving CZK
14 German ZEW index
activity after the lockdown. it susceptible to a sudden switch of sentiment if market
Tue
y Euro weakened by -3.5%, -2.0% and -1.7% against expectations are not fulfilled. Source: Reuters, 2018
16 ECB rating decision
the Japanese Yen, the Swiss franc and the US dollar
respectively, after peaking in the early days of the month.
y The euro could fall back to its early May low level ($1.08 - 1.10)
in the event of bad news, while the announcement of a
AUD
Thu
European deal could make the euro bounce above $1.15.
24
Fri
Flash PMI surveys
JPY
31 Flash Q2 GDP
Fri
Economic data GBP/EUR (12 months) CNY
31 Flash inflation 1.21
Fri Base Rate: 0.0%
GDP (annual basis): -3.1% 1.17 NZD
Inflation (annual basis): 0.1% 1.13
Unemployment: 7.3% 1.09 SGD
Trade Balance: €2.9 Bn 1.05
J A S O N D J F M A M J
MXNCHF
USD
By Adam Ma, Currency Strategist – United Kingdom
CAD
July events June review July risk events and key themes GBP
The Swiss Franc has whipsawed through most of June rising The outlook for the safe haven currency will depend on the
01 Manufacturing PMI over 2.3% against the euro at the beginning of the month global outlook of COVID. Another consideration is the euro
Wed
before wiping those gains. A risk on sentiment was seen bailout fund which has been agreed in principle among EU
EUR
02 CPI
in global markets as some economies eased lock down members but is yet to be finalised. Any fractures which show
Thu measures, however, mid-June a second wave of COVID cases from the next EU bailout talks could bring about fears of
hit China and the US. This second wave hit all riskier assets another EU break up, pushing the Swiss Franc higher.
07 Forex reserves classes, which spurred a second round of safe haven buying. y The SNB forecast that the Swiss economy is expected to
CHF
Tue
y The Swiss National Bank (SNB) maintained its stance on contract by 6% contraction this year, the most since 1970s.
08 intervening with FX markets where it deemed necessary. Inflation is expected to remain negative on average for
Wed
Unemployment Rate
Thomas Jordan reiterated its currency is ‘highly valued’ 2020 and 2021. PLN
whilst keeping interest rates unchanged.
22 SNB policy
y EUR/CHF currently trades around the SFr1.07, a fall back
Wed announcement
below the SFr1.05 mark could see intervention again. CZK
30 KOF indicator
Thu Source: Reuters, 2018
31 Retail sales AUD
Fri
JPY
Economic data USD/CHF (12 months) CNY
1.01
Base Rate: -0.75%
GDP: -1.3%
0.98
NZD
Inflation: -1.3%
Unemployment: 3.4%
0.95
SGD
Trade Balance: – 0.92
J A S O N D J F M A M J
MXNPLN
USD
By Boris Kovacevic, Currency Strategist – Central and Eastern Europe
CAD
July events June review July risk events and key themes GBP
The Central and Eastern European region has suffered Civil protests in the United States and first signs of recovery in
01 Markit Manufacturing
significantly during Lockdown, given its extrovert nature and leading economic indicators have put the Covid-19 pandemic
Wed PMI
reliance on global demand. According to the Organization in the background for a short period of time. With an increase
EUR
08 NBP interest rate for Economic Cooperation and Development (OECD) Central in coronavirus cases in Beijing, Tokyo and the US Investors
Wed decision Europe will shrink by 8.3 to 10.9 percent this year. Against this again turn to the infection rate as a key market mover. In
setback, policy makers have committed themselves to achieving addition to global issues, market participants will closely watch
16 Inflation a comparative advantage in the expected recovery phase. In the Polish central bank’s interest rate decision. No change in CHF
Thu its minutes of the last interest rate decision the Polish central rates is expected. Still, forward guidance on possible currency
bank expressed that the Polish Zloty is overvalued and should interventions and a potential increase of quantitative easing
17
Fri
Employment depreciate gradually. Fears of a currency war in the region
quickly faded with the Polish finance minister saying that solid
programs are on the table.
PLN
y The Polish Zloty has officially overtaken the Hungarian
17 Corporate sector macroeconomic fundamentals support the Zloty’s recent ascent. Forint in having the lowest real interest rate in the region.
Fri wages y The Polish central bank underpinned its loose monetary This could become a disadvantage to overcome in a
policy at the June meeting and kept the benchmark interest risk‑off environment. CZK
21 Retail sales rate at 0.1 percent.
Tue y A slight rebound in Polish economic activity is expected to Source: Reuters, 2018
y Corporate sector wage growth slowed to a seven-year low. follow the recent easing of lockdown measures.
23 Unemployment In the meantime, industrial output fell 17 percent in May, y EUR/PLN is currently positioned for further gains, given
AUD
Thu
after falling 24 percent in April. slight risk-off sentiment and technical factors favouring the
31 y After falling to an 11-week-high EUR/PLN has reversed euro. This advantage could turn if the currency pair falls
Fri
CPI
course and has recovered some ground lost in May. below support at 4,37 zl. JPY
Economic data USD/PLN (12 months) CNY
4.30
Base Rate: 0.1%
GDP: 2.0%
4.10
NZD
Inflation: 2.9%
Unemployment: 5.8%
3.90
SGD
Trade Balance: 146.85 M 3.70
J A S O N D J F M A M J
MXNCZK
USD
By Boris Kovacevic, Currency Strategist – Central and Eastern Europe
CAD
July events June review July risk events and key themes GBP
Months of significant volatility on the financial markets have The Czech crown has started to gain traction with the third
01 Markit PMI been followed by a contrasting stability in Central Europe. The monthly appreciation against the euro and has been immune
Wed
Czech Crown has especially profited from recent improvement to weak domestic data points. Markets have priced in a
EUR
07 Industrial output
of risk sentiment and capital inflows from abroad. Therefore, significant slowdown of the economy and are expecting some
Tue June was a quiet month for the currency with movements improvement going forward. This will put new data releases
against the euro not exceeding 2%. With monetary policy in the spotlight, given that the Organisation for Economic Co-
08 Retail sales expected to be on hold, the fate of the currency lay with operation and Development expects the Czech Republic to be CHF
Wed global exchange rate drivers. the worst regional performer this year.
09 y The last patch of economic data from April has confirmed y Global sentiment will continue to drive the exchange rate as
Thu
Unemployment
the month as one of the worst in recent history. Industrial well. A new period of risk-off flows, given the recent fears of PLN
output plummeted 33.70% and retail sales fell 20.00%. a second infection wave and geopolitical risks rising, could
10 CPI y Czech inflation has been steadily declining for the third pressure the Czech crown.
Fri
month in a row, after finding a more than ten-year high in y Due to the strongly negative correlation between the CZK
31 Preliminary GDP Q2
February 2020. US dollar and the central European currencies, further
Fri
y The Czech Crown therefore follows the Polish Zloty on the appreciation of Czech Crown remains determined by global Source: Reuters, 2018
market dynamics and movements of EUR/USD.
way up and appreciates to a 11-week high stabilizing at
around EUR/CZK 25,50.
AUD
JPY
Economic data USD/CZK (12 months) CNY
26.0
Base Rate: 0.25%
GDP: -2.0% 25.0 NZD
Inflation: 2.9% 24.0
Unemployment: 3.6% 23.0 SGD
Trade Balance: Cz 8.628 Bn 22.0
J A S O N D J F M A M J
MXNAUD
USD
By Steven Dooley, Currency Strategist – Asia Pacific
CAD
July events June review July risk events and key themes GBP
The Australian dollar was higher for the third straight month in The Australian dollar is likely to remain driven by global
03 Retail sales June. The AUDUSD climbed to the highest level since July last risk sentiment.
Fri
year as the improving COVID-19 situation boosted sentiment. The AUD’s gains have been boosted by gains in global EUR
03 Trade balance Economic data was mixed, with the employment market worse sharemarkets. Any reversal in equity market sentiment might
Fri than expected. Unemployment rose to a 19-year high of 7.1%. pressure the AUD. Ongoing tensions with China, between
07 RBA decision
However, retail sales were unexpectedly strong with a massive
jump of 16.3% in preliminary results for May.
both the US and Australia, remain a major concern.
CHF
Tue y The Reserve Bank of Australia next meets on 7 July.
y The AUD was higher versus most currencies with the best y The AUD has been boosted by more positive commentary
16 gains seen versus the low-yielding markets like the euro
Thu
Employment
and Japanese yen.
from Reserve Bank of Australia governor Philip Lowe.
Lowe said the COVID-19 downturn is likely to be shallower
PLN
17 RBA minutes
than previously thought and upgraded forecasts
Fri for employment.
CZK
29 CPI
Wed Source: Reuters, 2018
AUD
JPY
Economic data AUD/USD (12 months) CNY
0.72
Base Rate: 0.25%
GDP: 1.4%
0.69
NZD
0.66
Inflation: 1.8%
0.63
Unemployment: 7.1%
0.60
SGD
Trade Balance: AUD 8.8 Bn 0.57
J A S O N D J F M A M J
MXNJPY
USD
By Guillaume Dejean, Currency Strategist – Europe, Middle East, Africa
CAD
July events June review July risk events and key themes GBP
With the global economy showing signs of a reboot post June sent warnings that caution should remain the primary
01 Tankan Q2
lockdown, the Japanese yen started the month on a negative rule in a post-crisis environment. Recent volatility suggests that
Wed sentiment index
note. After tumbling to a multiple month low against the as the global economy begins to recover, the harder life will
EUR
05 Tokyo Gubernational euro and the Aussie dollar, the Japanese yen bounced a little become for the yen. It also became clear that investors are
Sun election as uncertainties returned. The sudden spike of coronavirus nervous about any stories relating to a second pandemic wave,
cases in China revived concerns about a second wave of or trade tensions. As November’s US election approaches the
15 BoJ rating decision infections, shadowing the momentum of economic recovery. coming months could see renewed tensions between China and CHF
Wed New geopolitical tensions emerged in Asia causing investors to the United States. That may sound like déjà vu, but the China-US
realize that the pandemic is not the only market risk right now. trade war keeps getting the attention of market participants.
20
Mon
Trade balance
y A new coronavirus cluster was discovered in China forcing y The “V” shape volatility of the yen in June confirmed that PLN
officials to reestablish lockdown rules in Beijing including a market sentiment is fragile. Recent hiccups in global stock
22 Flash manufacturing temporary shutdown of airline traffic in the capital city. exchanges confirmed that idea and propped up the demand
Wed PMI in yen.
Summary of opinions
y Tensions emerged between China and India, but also
between North and South Korea. y Risks of a second wave of coronavirus, trade tensions and
CZK
27 of the July BoJ geopolitical conflicts are threatening to put a hard brake on
Mon y The Japanese yen fell to a 13-month low against the euro Source: Reuters, 2018
monetary meeting the ongoing recovery of the global economy.
(124 ¥) and the Aussie dollar (77 ¥) in early June before
retracing up.
AUD
31 Unemployment rate
y Both EUR/JPY and GBP/JPY rates should be driven by
Fri takeaways in some key regional political themes (EU bail-out
program and post-Brexit talks), the USD/JPY rate by global
31 Industrial output market sentiment. JPY
Fri
Economic data GBP/JPY (12 months) CNY
149
Base Rate: -0.1%
GDP (annual basis): -1.7%
144
NZD
139
Inflation (annual basis): 0.1%
134
Unemployment: 2.6%
129
SGD
Trade Balance: ¥-833 Bn 124
J A S O N D J F M A M J
MXNCNY
USD
By Steven Dooley, Currency Strategist – Asia Pacific
CAD
July events June review July risk events and key themes GBP
The Chinese yuan remained under pressure with the currency The CNY might remain driven by geopolitical issues with US-
01 Caixin Manufacturing
falling to record lows versus the trade weighted basket. China relations key. This relationship might be tested over
Wed PMI
The CNY climbed from levels near 12-year lows against the the next few months as the US presidential elections raise the
EUR
03 Caixin Services PMI
US dollar. possibility of increased anti-China rhetoric.
Fri y The Chinese economy continued to display some signs y Chinese second-quarter GDP, due on 16 July, will be
09 CPI
of recovery but while business and manufacturing is
improving, the consumer sector remains cautious.
closely watched.
CHF
Thu y The USDCNH market remains focused on the major 12-year
highs at 7.2000. A move above this level might see further
14 CNH losses.
Tue
Trade balance
PLN
16 GDP
Thu
CZK
Source: Reuters, 2018
AUD
JPY
Economic data USD/CNY (12 months) CNY
7.20
Base Rate: 3.85%
GDP: -6.8% 7.10 NZD
Inflation: 2.4% 7.00
Unemployment: 5.9% 6.90 SGD
Trade Balance: USD 62.9 Bn 6.80
J A S O N D J F M A M J
MXNNZD
USD
By Steven Dooley, Currency Strategist – Asia Pacific
CAD
July events June review July risk events and key themes GBP
The New Zealand dollar was stronger in June, in line with gains The New Zealand dollar, up an incredible 17% versus the
07 Dairy prices in most “risk sensitive” currencies helping the kiwi climb to its US dollar since mid-March, remains a key concern for the
Tue
pre-COVID levels. The gains came despite a weaker result from Reserve Bank of New Zealand. The RBNZ has been clear
EUR
16 CPI
March quarter economic growth, which suggested the impact that it believes a lower NZD is a key transmission point for
Thu of COVID-19 might be greater than expected. monetary policy.
21 Dairy prices
y The NZD was helped as the NZ government ended most
lockdown measures after its world-beating performance in
Back in March, RBNZ governor Adrian Orr said: “A low OCR
is understood for its intent and implications on borrowing
CHF
Tue
fighting the virus. and lending rates and, in part, the level of the NZ dollar
24 y The NZD was higher versus most major currencies last exchange rate.”
Fri
Trade balance
month but remains down for the year so far. y The NZD remains likely to be driven by global risk appetite PLN
with any reversal lower in US shares potentially weighing on
the currency.
y There is no RBNZ meeting this month with the next decision CZK
scheduled for 12 August.
Source: Reuters, 2018
AUD
JPY
Economic data NZD/USD (12 months) CNY
0.70
Base Rate: 0.25%
GDP: 1.5%
0.67
NZD
0.64
Inflation: 2.5%
0.61
Unemployment: 4.2%
0.58
SGD
Trade Balance: NZD 1.2 Bn 0.55
J A S O N D J F M A M J
MXNSGD
USD
By Steven Dooley, Currency Strategist – Asia Pacific
CAD
July events June review July risk events and key themes GBP
The USDSGD fell back to three-month lows as gains in global The SGD, like many other regional Asian currencies, is likely to
03 Manufacturing PMI sharemarkets boosted sentiment towards Asian currencies like remain driven by risk sentiment in July.
Fri
the Singapore dollar. A weaker US dollar also added to the y The SGD’s fate will also remain tested by relations between EUR
03 Retail sales
USDSGD losses. the US and China. As a major trading hub, trade relations
Fri y The SGD was mixed versus other markets, falling to three- between these two powers remains key.
17 Exports
month lows versus the euro and climbing to three-month
highs against the Japanese yen.
CHF
Fri
y The sustained improvement in oil prices provided support
23 for the SGD.
Thu
CPI
PLN
24 Manufacturing
Fri output
CZK
Source: Reuters, 2018
AUD
JPY
Economic data USD/SGD (12 months) CNY
1.46
SIBOR: 0.54%
GDP: -2.2% 1.43 NZD
Inflation: -0.3% 1.40
Unemployment: 2.4% 1.37 SGD
Trade Balance: SGD 4.5 Bn 1.34
J A S O N D J F M A M J
MXNMXN
USD
By Joe Manimbo, Currency Strategist – North America
CAD
July events June review July risk events and key themes GBP
Mexico’s peso pushed off three-month highs amid elevated July marks the start of the year’s second half when many
01 Manufacturing PMI uncertainty about the global recovery from the coronavirus. expect a global recovery to begin in earnest. The tempo
Wed
The peso drifted lower in June and remained in a sizeable of any rebound may serve as a barometer for emerging
EUR
09 Inflation
year-to-date hole. Rising cases of Covid-19 in some of the currencies. A slow but steady recovery could help the peso
Thu world’s largest economies restrained emerging markets and gain traction.
stoked concerns about renewed business lockdowns.
10 Industrial output y The peso lost ground as a resurgence in Covid-19 infections
y Risk sentiment looms large for emerging markets as the
third quarter gets underway.
CHF
Fri
kept a cloud over the global economy. y USD/MXN was little changed in June.
25 y Brighter days may lie ahead for emerging markets if the
Sat
Inflation preliminary
sprouting of green economic shoots proves sustainable.
y So far in 2020, USD/MXN has appreciated by around 18%.
PLN
28 Jobless rate
y The severity of the global downturn suggests the Bank of
Tue Mexico may not be done cutting interest rates.
CZK
30 GDP Q2
Thu Source: Reuters, 2018
AUD
JPY
Economic data USD/MXN (12 months) CNY
26.0
Base rate: 5.0%
GDP: -1.2% 24.0 NZD
Inflation: 3.64% 22.0
Unemployment: 3.3% 20.0 SGD
Trade Balance: -4.29 Bn 18.0
J A S O N D J F M A M J
MXNDon’t let the currency
market detract from
your bottom line.
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