FX Quarterly: The Great Pivot

February 22, 2024
  • Investor Services
In our first FX outlook of 2024, BBH strategists are sharing the major themes continuing to impact the market, the road ahead for China’s recovery, and global impact of 2024’s "Year of the Vote."
  • While central banks around the world have spent the last two years tightening monetary policy, 2024 has brought aggressive easing cycles and positive global growth.
  • Monetary policy will also play a key role in emerging market (EM) performance, as EM central banks were the first to hike in this cycle, they were also the first to cut. We expect many to continue to cut rates after starting the easing cycle last year.
  • 2023 revealed a more challenging economic decade ahead for China, with issues including slowing migration, population decline, and financial distress in the real estate sector. Despite these challenges, recent focus in the Belt and Road initiative (BRI) has opened the possibility to recovery.
  • With more than 15 countries headed to the polls, 2024 has been called the “Year of the Vote.” We’re taking a closer look at the highlights of each election and their global percentage of FX volume.

For more information and practical insights on FX and T+1, contact Win Thin, Elias Haddad, Jay Foraker, or any of our FX team globally, and follow BBH Investor Services on LinkedIn.

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