A Hongkonger holds up his US dollars in Sham Shui Po on May 29. People exchanged the Hong Kong dollar for foreign currencies in fear of the local currency dropping in light of the approved national security law. Photo: Edmond So A Hongkonger holds up his US dollars in Sham Shui Po on May 29. People exchanged the Hong Kong dollar for foreign currencies in fear of the local currency dropping in light of the approved national security law. Photo: Edmond So
A Hongkonger holds up his US dollars in Sham Shui Po on May 29. People exchanged the Hong Kong dollar for foreign currencies in fear of the local currency dropping in light of the approved national security law. Photo: Edmond So
Patrik Schowitz
Opinion

Opinion

Macroscope by Patrik Schowitz

What’s behind the US dollar’s summer slump and will it last?

  • The US’ mishandling of the coronavirus means its economic outperformance relative to the euro area and Japan no longer seems guaranteed
  • Declining US interest rates makes the US dollar less appealing to investors. The dollar’s drop, however, is not a tectonic shift

A Hongkonger holds up his US dollars in Sham Shui Po on May 29. People exchanged the Hong Kong dollar for foreign currencies in fear of the local currency dropping in light of the approved national security law. Photo: Edmond So A Hongkonger holds up his US dollars in Sham Shui Po on May 29. People exchanged the Hong Kong dollar for foreign currencies in fear of the local currency dropping in light of the approved national security law. Photo: Edmond So
A Hongkonger holds up his US dollars in Sham Shui Po on May 29. People exchanged the Hong Kong dollar for foreign currencies in fear of the local currency dropping in light of the approved national security law. Photo: Edmond So
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Patrik Schowitz

Patrik Schowitz

Patrik Schowitz is a global multi-asset strategist at JP Morgan Asset Management.