12 Dec 2013
Flash: 2013 in review – HSBC
FXstreet.com (London) - A currency strategy team at HSBC said 2013 saw some imbalance of normality return as developed economies continued their slow rehabilitation.
Key Quotes:
“Central banks remained at the core of developments, with the Fed’s taper trauma, the BoJ’s aggressive easing, and attempts at forward guidance by many policymakers all heavily influencing markets. The EUR, for once, was not the centre of attention”.
“We present summaries for each month, highlighting the key events”.
“Polarised EUR/USD & GBP/USD positions heighten risk”.
The HSBC Positioning Indicators imply that systematic trading positions and discretionary positions are highly polarised for EUR/USD and GBP/USD”.
“With reduced liquidity in the run-up to the holiday period and a looming FOMC meeting, there is significant risk of surprise-led moves being amplified by position clear-outs. We anticipate increased short-term volatility and sharp directional moves”.
Key Quotes:
“Central banks remained at the core of developments, with the Fed’s taper trauma, the BoJ’s aggressive easing, and attempts at forward guidance by many policymakers all heavily influencing markets. The EUR, for once, was not the centre of attention”.
“We present summaries for each month, highlighting the key events”.
“Polarised EUR/USD & GBP/USD positions heighten risk”.
The HSBC Positioning Indicators imply that systematic trading positions and discretionary positions are highly polarised for EUR/USD and GBP/USD”.
“With reduced liquidity in the run-up to the holiday period and a looming FOMC meeting, there is significant risk of surprise-led moves being amplified by position clear-outs. We anticipate increased short-term volatility and sharp directional moves”.