Devises

Devises · 21 juil. 2026

Gérer la volatilité des marchés des changes

Longtemps considéré comme une valeur refuge, le dollar est aujourd’hui de nouveau sous pression. L’orientation récente de la politique américaine a semé le doute sur l’indépendance de la Réserve fédérale, ravivé l’inflation et alourdi le fardeau de la dette publique. Dans ce contexte, nous privilégions les actifs que les gouvernements ne peuvent pas créer sans limite.

Devises · 14 févr. 2024

Currency strength puts pressure on Swiss central bank

After a sluggish start, we see growth picking up and benign inflation. But a strong franc could convince the Swiss National Bank to cut rates twice this year.

Devises · 20 juil. 2023

Currencies: US dollar

The US dollar may prove volatile in the coming months.

Devises · 22 déc. 2022

Our 2023 outlook for currencies

A volatile end to US dollar outperformance.

Devises · 13 juil. 2022

Yen’s risk-reward profile becoming more attractive

How the interest-rate gap between the US and Japan evolves will likely remain the main determinant of the yen’s performance in the months ahead.

Devises · 08 juil. 2022

The euro faces growing downside risks

Having already declined against the US dollar this year, we have lowered our forecasts for the single currency to take account of the fall-out from energy concerns.

Devises · 27 avr. 2022

The search for income in FX markets

Currencies from secured commodity producers like the Norwegian krone and Canadian dollar will play a part in the eventual solution for Europe’s energy independence from Russia. This goes with our 2022 Income repression continues investment theme around the search for income in a low-yielding environment as high-quality cyclical currencies can offer an attractive interest rate for holding them and can also provide portfolio diversification benefits.

Devises · 16 févr. 2022

Moderate Swiss franc depreciation is on the cards

A central bank in no hurry to raise rates could mean the Swiss franc loses some ground to the euro in the coming months.

Devises · 01 déc. 2021

Limited upside potential for the USD against the euro

The USD has risen significantly against the single currency since mid-year. But it may find it harder to make sustainable progress against the euro in the medium term.

Devises · 02 oct. 2018

Trade war is not the main reason to be blamed

Interview with César Pérez Ruiz, Chief Investment Officer, Pictet Wealth Management