Global Currency Market Commentary  

The monthly commentary of currency markets reviews evidence of the asynchronous nature of pandemic recovery.

During April, currency markets were quick to look ahead to the next set of countries likely to emerge from lockdown. Is the reflation/recovery trade running out of steam, at least temporarily? With global equity markets at or near all-time highs, marginal positive surprises appear to be having less of an impact. During the second half of April, equity markets largely stalled despite stellar earnings from several market leading companies. This is a clear sign of exhaustion. In currency markets the rapid rotation into the European region despite little sign of improvement in actual data suggests that investors are getting well ahead of expected good news.

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