MADRID, 9 (EUROPA PRESS)
Swiss private bank J. Safra Sarasin believes that the dollar will maximum in the first half of 2023, when the Federal Reserve (Fed) has already reached the maximum interest rate, at which yields will start to fall due to the weakening of the currency. overall activity.
This has been pointed out by the entity in the comments. Within the G10 currency group, the US dollar appears to be the most overvalued, while the Japanese yen is perhaps the most undervalued.
The outlook for this last currency is closely tied to the dollar, which is why J. Safra Sarasin sees it as a “likelihood” that the yen will weaken further in the coming months.
For the euro, private banks maintain a constructive opinion for the next two years. Power shortages should remain a problem, but low gas prices in a potentially milder winter are likely to trigger a modest rally in the currency.
The pound sterling, for its part, will be affected by the recession in the UK, which is likely to last longer than in other developed markets, in addition to a worsening balance of payments.
Against this backdrop, J. Safra Sarasin defended his sights on gold, which should benefit from moderating US yields in a recessionary environment.
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