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A top strategist, Charlie Robertson, said that these days we could gain from buying emerging-market currencies such as South African rand, Mexican peso and Brazilian real.
He strongly believes that these currencies are ready to reverse as they hit their bottom. In his opinion, this is the cheapest opportunity in over 20 years. Robertson’s main arguments are the upcoming weakness of the US dollar and the financial support of developing countries from the International Monetary Fund and World Bank. In addition, he said that crude oil prices may rise up to $45-50 per barrel in the mid-term with relevant rebound of the Russian ruble.
It’s hard to believe, but Charlie Robertson had already made forecasts that turned to be true. He was right about Romanian bonds in the late 1990s and South Africa’s rand in 2016. Who knows, maybe this time he is correct again.
The analyst's idea is that it's time to sell such pairs as USD/ZAR.
Let’s have a look at the USD/ZAR chart. The South African rand exceeded the 17.9 mark that equals to the pick of 2016. After that, it returned to this level again.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
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