Macro and Currency Outlook for Q2 2021

Claire Dissaux | 7 April 2021

Millennium Global is pleased to share its latest Macro and Currency Quarterly Outlook Q2 2021 document:

  • Looking for increased differentiation in the pace of growth, with a sharp US acceleration far outpacing other developed economies
  • A two-sided impact from reflation for the USD, with higher yields but also a wider current account deficit, pointing to USD gains vs. CHF, JPY, GBP, EUR but USD depreciation vs. selected commodity currencies (e.g. CAD, NOK)
  • Focusing on emerging market economies and currencies (e.g. CNY, KRW, SGD, MXN), which benefit most from higher US import demand and are least vulnerable to the expected reduction of foreign capital inflows