Forex 2021

First-hand forex trading experience and information about foreign exchange market that will be useful to traders I expected the bank of england to cut rates once in 2020 (to 0.50%), but it cut them twice (to 0.10%).

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The combination of brexit woes and the coronacrisis consequences will make the boe cut the rates further to 0% this year.

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First-hand forex trading experience and information about foreign exchange market that will be useful to traders

Forex forecast for 2021

2020 is now over (to the best as we all hope), and it is now time to review my 2020 forex forecast and to offer my attempt of predicting the movement of currency pairs, gold, oil, and interest rates for 2021. The COVID-19 pandemic wreaked havoc not only to the world’s economies but also to lots of forecasts. So, the year 2020 was probably the worst one for my annual forex forecasts. Below, you will find a recap of the last year’s predictions and my new forecast for each trading instrument.

1 EUR/USD

2 USD/JPY

3 GBP/USD

4 AUD/USD

5 USD/CAD

6 USD/CHF

7 NZD/USD

8 gold

9 oil

10 interest rates

EUR/USD

Although EUR/USD spent most of 2020 inside my forecast range (1.0800–1.1700), the currency pair far exceeded the upper range, rallying on all the last year’s stimulus announcements and getting lots of support from fundamental factors. I see no reason for the uptrend to stop in 2021, at least not so soon into 2021 as to make the currency pair end up lower than the top of my previous forecast’s range. Thus, my forecast for EUR/USD in 2021 is the range between 1.1700 and 1.2900.

USD/JPY

The major weakening of the US dollar in 2020 has seen the USD/JPY FX pair moving well below the lower border of my forecast range (107.00–112.00). Fueled by , the japanese yen turned out to be one of the best hedges for the global recession in 2020. Similarly to EUR/USD, I see no reasons for the US strength to return in 2021, hence my forecast range is for the end of this year 95.00–107.00.

GBP/USD

My 2020 forecast for GBP/USD was a total disaster as the currency pair traded below the forecast range (1.4000–1.5500) for the entire year. The initial downtrend in the first quarter of 2020 and the deficiencies of the brexit process weakened the british pound enough to keep it from reaching my forecast range. Nevertheless, I keep my forecast for 2021 unchanged from the last year’s range of 1.4000–1.5500.

AUD/USD

The forecast for 2020 (0.6500–0.7100) turn out to be too far away from the actual outcome for AUD/USD despite the fact that I expected monetary easing from the reserve bank of australia and they delivered three rate cuts in 2020. Who knew that everyone else will also be adopting a monetary policy? So, even though the aussie traded for quite a long time inside (and below) my forecast range, it has ended the year well above that range. Although I believe that the US dollar will continue to weaken against its australian counterpart in 2021, the aussie’s performance may be not so stellar either, with negative interest rates still not completely off the table. That is why my forecast range for the end of 2021 is rather conservative — between 0.7200 and 0.8000.

USD/CAD

I expected a minor strengthening from USD/CAD in 2020, but instead it soared to highs in march only to fall straight through my forecast range (1.3000–1.3700) and to close 200 pips below its lower border. In theory, the loonie should benefit from the future US dollar weakness the same as the australian dollar and other major currencies. However, the thing with the canadian dollar vs. US dollar trading is that the two economies are very interconnected and the USD’s general weakness against other FX counterparts will likely diminish the CAD’s value too. In addition, the monetary authorities in canada seem to be worried with the canadian dollar’s appreciation against the US currency and are ready to provide even more easing (including future rate cuts) to undermine the CAD’s further strengthening. This makes me decide to leave the last year’s forecast unchanged for 2021 — 1.3000–1.3700.

USD/CHF

The greenback/swissie pair had spent the first half of 2020 well within the boundaries of my forecast range for that year — 0.9400–1.0200. Then, things went south quickly, with the currency pair ending the year about 400 pips below the range as the demand for USD dwindled while the demand for the swiss franc was strong during the pandemic crisis. Even though, the swiss national bank continues to call the swiss franc “highly valued” in its monetary policy reports and continues currency interventions in order to cripple currency’s revaluation, there won’t be much that the SNB will be actually able to do in 2021 to prevent a further drop in USD/CHF. Hence, my forecast for 2021 is to anticipate a continued slide into the range of 0.8000–0.8800, where the closing price of the year should be in my opinion.

NZD/USD

The dynamics of NZD/USD trading in 2020 was much similar to that of AUD/USD, with the sharp initial drop and a subsequent , which exceeded the upper border of my forecast range (0.5800–0.6400) by hundreds of pips. And similarly to AUD/USD, my forecast for 2021 will be a bit more conservative than with some other currency pairs because new zealand still has some room for interest rate cutting, which might get employed this year. My forecast for the year’s end is rather wide at 0.6600–0.7600, but it leaves enough room for a potential appreciation of the NZD/USD rate.

I had expected to see a moderated decline of gold price in 2020 (down to the 1,250–1,400 range), but instead saw it soar first to the levels above 2,000 and then retrace somewhat but still ending the year 30% higher than the upper border of my yearly forecast. This year, I continue to bet on gold’s correction and I forecast it to end 2021 between 1,500 and 1,800. My main reason is gold’s lack of attractiveness due to the inflation remaining subdued despite all the stimulus measures by global central banks and governments. Simply put, investors will choose to hold some yielding assets during the coronavirus crisis recovery this year rather than to hedge against the elusive inflation.

Oil (WTI) ended trading in 2020 super close to my forecast range (49.00–62.00). Unfortunately, after spending two days inside that range just two weeks ago, it declined somewhat and ended the year outside of my forecast range. 2021 will see a recovery of demand for oil as the pandemic will be largely overcome with mass vaccination. This will push the price up to the range between 50.00 and 65.00 by the year’s end.

Interest rates

My 2020 forecast pointed at the 1.50%-1.75% range for the federal funds rates. Had the coronacrisis not hit us, it would probably be an accurate prediction. However the federal reserve cut the rates relentlessly in 2020, down to 0.00%-0.25%. For 2021, I expect that the fed won’t have any reasons to lift the rates, keeping them at the current range of 0.00%-0.25%.

The eurozone’s main interest rate had already been at 0% before the coronacrisis, so the european central bank didn’t even have a chance to mess up with my forecast for 2020. There are really no signs right now that the ECB plans changing the rate anytime soon.

As always, there was no challenge in guessing what the bank of japan will do with its interest rate (hint: it did nothing!). As with the ECB, I forecast that boj will keep its rate unchanged at -0.10%.

I expected the bank of england to cut rates once in 2020 (to 0.50%), but it cut them twice (to 0.10%). The combination of brexit woes and the coronacrisis consequences will make the boe cut the rates further to 0% this year.

The reserve bank of australia cut its interest rate three times in 2020 (to 0.10%) whereas my forecast was for only one cut (to 0.50%). Considering the market expectations, the RBA will likely cut its rate to 0% in 2021.

My 2020 forecast had been for the bank of canada to reduce the interest rate once (to 1.50%), which was a major underestimation of the extent they would ease the monetary policy — which was three cuts to 0.25%. My forecast for 2021 is for the boc to cut the interest rate down to 0%.

Another easy hit was with the swiss national bank as it has been keeping the rate unchanged at -0.75% for quite some time now and I expect it to continue keeping it at that level in 2021.

Surprisingly, my forecast for new zealand’s rates wasn’t that far from the reality — I said it will drop from 1.00% to 0.50%; instead, it was cut to 0.25%. I expect the reserve bank of new zealand to cut the interest rate even further in 2021 — down to 0%.

Update 2021-01-04: as usually, I’ve put my money where my mouth is by entering trades based on my 2021 forex forecast.

If you want to share your own forex or interest rate forecast for 2021, you can do so using the commentary form below.

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EUR/USD forecast: january 2021

Latest news

Trading support and resistance

Forex forecast: pairs in focus

Weekly forex forecast

Dax index forecast: february 2021

This is a market that has gotten ahead of itself, so at this point we will have some digestion heading into the beginning of the year.

The euro had a relatively good end of the year for 2020, so it is likely that we will see a bit of exhaustion in this general vicinity. As you can see, the month of december was relatively fruitful, and we did break out of a consolidation area just before it. The market is very likely to see exhaustion heading into a significant area in the form of the 1.23 level. We had recently sold off from that level, and it will be difficult to simply shoot straight through it.

The month of january will very likely be a lot of consolidation, as we need to digest some of the gains that we made so rapidly. Keep in mind that the euro does not tend to move very quickly unless we get a catalyst. Yes, we have the brexit deal signed now, but the euro was always going to be less influenced by the situation as traders, for whatever reason, assumed that the european union was going to get through it without any major damage. Most of the negativity of course was focused on the british pound, which is in its own world at the moment.

I believe the 1.20 level underneath will probably offer a floor for the month, so one has to pay attention to that entire area between 1.20 and 1.19, which has previously been massive resistance. To the upside, there is a lot of noise between the 1.23 level and the 1.25 level, so it is going to be difficult to break above there until we get a massive “risk on” type of move. This is a market that has gotten ahead of itself, so at this point we will have some digestion heading into the beginning of the year. We will need to see what the stimulus situation in the united states is as well as the coronavirus figures in the EU, which have been rather ugly as of late. I think there will be a significant amount of confusion, and range-bound trading. Keep in mind that the beginning of the year is typically a time when traders put money to work, and it does tend to be choppy regardless.

Forex trading trends in 2021

Foreign exchange, or forex, is the largest financial market in the world. Yet trading is tough with just a few major wins among many more small losses, which means it is not a scenario for getting rich quickly. This requires discipline and planning. Many fail in forex trading as they allow emotions to get in the way of trading decisions and go off-plan with regards to risk management and expected return on investment.

More millennials and gen-Z start forex trading

It is expected that established fintech brands will target millennials and gen-Z who want to get into forex trading. Being so familiar with technological advancements and investment opportunities offered online, they are more willing to invest in forex and make the most of any forex deposit bonus on offer from reputable agencies. Forex is only one sort of investment that millennials and gen-Z are likely to take up in 2021, with hedge funds, commodities and private equity likely to see more interest from this demographic.

Trading apps

There are many trading apps available to help with amateurs begin forex trading. These apps are one of the trends expected to increase in 2021, supporting new traders, in particular, to stick with a trading strategy without risking more capital than is necessary. This means providing customers with signals and trading ideas that can guide trading in the forex markets. The best apps offer help to help successful trading. The developers of the best apps may also provide online courses focused on finance and trading.

The pandemic will remain a major factor

The foreign exchange market was heavily impacted by the coronavirus pandemic in 2020 and is likely to be a major factor in 2021, creating continued volatility relating to the control of covid-19, though rather than suggesting austerity, policymakers are currently discussing growth and inflation to drive down public debt burdens.

The pressure on the US dollar remains strong, and the expectation is that it could fall by another five or 10 per cent, though not to the levels seen in 2008 when the US dollar index touched the 71 level since US president biden is expected to return to a rules-based international order with more balanced global growth.

The australian dollar ended 2020 strong and is safe thanks to interest rates here and in most developed countries that are expected to be low for several years and though relations with china have been strained, this should not be significant to forex trading.

The UK pound is under pressure due to the UK’s struggle to contain the new variant coronavirus which may put additional pressure on the country’s economy. The economic impact of brexit is unclear, though the risk of a no-deal brexit was averted. Overall, the UK is still facing the possibility for a double-dip recession in the winter or 2020/21 due to increased lockdown measures and slower recovery rates challenging the first half of 2021.

Like the UK, canada is also suffering from a second wave of coronavirus although the situation did stabilise in december, and currently, the outlook for the canadian dollar looks favourable.

The pandemic provided significant support for the euro as traders turned focused on problems of the US dollar. The euro is expected to move higher, and the european central bank’s powers to halt this is limited, so forex traders expect new highs in EUR/USD at the start of 2021.

Carry trades a new normal

A carry trade in forex is when a trader looks for a profit from an interest rate differential between the two currencies within a forex pair. It can be very profitable to hold a position overnight and profit from the difference between rates via swaps paid into your account by your forex broker. However, finding variations in rates has become a lot harder due to the ongoing pandemic and a global recession with even the traditionally conservative central banks of australia and new zealand bottomed out at, or near, zero. However, it is still possible with exotics such as the notoriously volatile south african rand, mexican peso and brazilian real with currency pairs featuring USD, EUR and even JPY variations, but the risks are much higher.

Cloud-based e-FX platforms

Cloud-based forex trading platforms will likely become the new normal since they offer reduced costs, flexible design, high reliability and extremely low latency which is ideal in a constantly evolving market, with regards to regulation, specific products as well as actual market conditions.

Cloud-based systems offer enough flexibility that the cloud can be customised to match requirements, including the handling of thousands of datasets including FX data. With forex traders generally working from home, connections with other traders and broker information have been managed in the cloud to distribute details remotely with efficiency.

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COVID-19 and the forex market in 2021

It's a mistake to assume that the volatile currency market and the covid pandemic will stay in the outgoing year.

In 2020, the new COVID-19 infection upset plans of both travelers and participants in the financial markets. Some managed to make money, while others saw their fortunes dive as they failed to navigate the new reality.

It is a mistake to assume that the volatile currency market and the coronavirus pandemic will stay in the outgoing year.

According to the world health organization as well as doctors and virologists around the world, the coronavirus will not fade away in 2021. Firstly, a year will not be enough to vaccinate the entire population of the planet.

Secondly, the world’s population will not be able to recover naturally in just one year. Thus, in 2021, the world will continue to combat the coronavirus spread.

The only difference is that it will not be a new challenge and something unknown.

The virus will already be a familiar foe. Moreover, the response of governments, regulators, central banks and, most importantly, financial markets will most likely follow a now-familiar pattern.

Now let’s go over the way the forex market reacted to the coronavirus crisis in 2020 and assume how the currencies will behave in 2021.

In case the epidemiological situation aggravates, traders should focus on gold, the swiss franc, and the japanese yen. Many analysts believe that the latter will become the third asset for those who want to save capital and avoid risks.

The best tip for traders who made a profit in 2020 on the back of the global pandemic, is to do the same thing that they did last year but 2-3 months earlier.

In 2021, the peak of infection, or the so-called third wave, is expected to be in january-february. In any case, if you have managed to earn under such extremely difficult conditions, you will be able to beat the market again.

Those who took the risk but failed to reap gains, need to carry out more detailed fundamental analysis, since the technical one will be not enough due to the coronavirus-related situation. News is what can help you anticipate certain market activity.

For traders who cannot imagine their life without technical analysis, there is a tip as well. Many investors with such a skill apply it to infection records in different countries of the world, rather than to currencies.

This approach is quite productive. The virus and its spread are much more predictable than currency pairs’ movements, especially in the short term from 3 days to 2 weeks.

Use technical analysis (luckily, the data is available online) in order to find out beforehand that brazil’s government is going to announce a lockdown in february.

Sell the brazilian real at the peak price, buy at the bottom, and then sell it again even in the middle of its movement. This will bring you a nice profit.

In 2020, market participants did the same when the united states reported millions of COVID-19 cases per week, while canada reported less than a thousand cases per day. At that time, the USD/CAD pair enabled traders to earn good money.

In any case, 2021 is likely to be a year of shocks, risks, huge spikes, roller coasters, and other unpredictable things. All this makes the foreign exchange market the best way to make money on global processes and have fun at the same time.

What could be more global than the worldwide spread of the coronavirus pandemic? This is a historical time period that will be remembered centuries later.

Why not cash in on this with eyes on your trading platform rather than on TV?

What is expected in the forex market in 2021?

This year, the foreign exchange market was heavily impacted by the coronavirus pandemic. Currencies were often bought and sold based on traders’ desire to increase or decrease their exposure to riskier assets rather than on individual fundamentals. In 2021, traders’ attention will slowly shift towards individual fundamentals although the pandemic will remain a major factor.

U.S. Dollar

The U.S. Dollar index, which measures the strength of the U.S. Dollar against a broad basket of currencies, lost plenty of ground in 2020 as the fed cut rates while the U.S. Government provided an unprecedented amount of stimulus to the economy.

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After reaching the 103 level back in march, the U.S. Dollar index declined towards the 90 level. On the way down, the U.S. Dollar index made only one serious attempt to rebound in september.

The pressure on the U.S. Dollar is strong, and the market consensus is that the dollar will continue to move lower. While this year’s downside move may look significant, the U.S. Dollar index may have more room to fall.

Back in 2008, the U.S. Dollar index touched the 71 level before rebounding to 88. In 2011, the U.S. Dollar index tested the 73 level.

Put simply, current levels cannot be seen as low for the american currency so it may easily gain additional downside momentum if the situation in the world economy improves and traders increase purchases of riskier currencies. The main risk for the bearish thesis is that shorting the dollar may become a very crowded trade.

Australian dollar

Australian dollar is set to finish the year 2020 on a strong note. The main reason for this strength is the recent strength in the commodity segment, especially in the iron ore market.

The dovish policy of the reserve bank of australia had little impact on AUD/USD because other central banks were dovish as well.

The market consensus is that interest rates in the developed countries will stay at the bottom for the next several years, so the reserve bank of australia may have an opportunity to put more pressure on bond yields without hurting the australian dollar.

This year, australia’s relations with its main trading partner, china, have worsened, but the interdependence of these countries is strong enough to prevent their relations from serious deterioration. I do not expect any major risks on this front.

Currently, the outlook for the australian dollar looks bullish, but its future trajectory will depend on the continuation of the rally in the commodities segment.

British pound

EU and UK have just managed to negotiate the brexit trade deal so the main risk for GBP/USD was not realized.

In recent months, GBP/USD was moving higher as traders bet on the successful outcome of brexit negotiations (and these bets paid off), but now GBP/USD traders will have to find additional reasons to be bullish on the pound.

Currently, the UK struggles to contain the new strain of coronavirus which may put additional pressure on the country’s economy. In addition, the economy may take a hit from brexit, although the size of the blow will not be as serious as in the case of a no-deal brexit.

The fundamental situation looks challenging for the UK economy in the first half of 2021 which may put some pressure on GBP/USD which needs additional upside catalysts after the end of brexit negotiations. While the pound may have some more room to run, GBP/USD bulls will likely need some help from general U.S. Dollar weakness.

Canadian dollar

Just like other major central banks, the bank of canada will be forced to provide material support to the economy until inflation shows some signs of life. Canada is also suffering from the second wave of the virus although the situation has stabilized in december. It remains to be seen whether this second wave will put additional pressure on the canadian economy.

Oil price dynamics will remain an important catalyst for USD/CAD in 2021. If WTI oil manages to settle above the $50 level and gain more upside momentum, commodity-related currencies like the canadian dollar will get an additional boost.

At this point, the outlook for the canadian dollar looks favorable. The main risk for canadian dollar bulls is the sudden general strength of the U.S. Dollar.

The european currency showed material strength at the end of this year. In recent years, EUR/USD was under pressure because of dovish policy of the european central bank and disappointing growth rates in the euro area.

However, the pandemic provided significant support for euro as traders turned their attention to the problems of the U.S. Dollar. In 2021, the main question for EUR/USD is whether it will be able to settle above 2018 highs at 1.2500.

While ECB may be disappointed by the recent increase in the value of euro which will put more pressure on economic growth, there’s little that it can do to stop the euro from moving higher.

The interest rate is already at the bottom, the asset purchase program is working, and while ECB likes to reiterate that it has not run out of options to support the economy, there are limits to any central bank’s power.

Traders know this, so EUR/USD bulls will likely try to test new highs at the very beginning of 2021. If this early test shows that demand for the euro remains high, EUR/USD will have a good chance to develop a strong upside trend against the U.S. Dollar in the next year.

Conclusion

This year was very interesting for foreign exchange market traders, and the next year will likely bring more volatility.

The market’s attention will be focused on the fate of the U.S. Dollar which may find itself under more pressure if the fed continues to print money while the world economy recovers from the blow dealt by the pandemic.

Commodity-related currencies like australian dollar and canadian dollar may enjoy more support if demand for commodities continues to grow together with the economy.

It will be very interesting to see whether the british pound will be able to continue its upside move after britain successfully negotiated a trade deal with the EU.

For the euro, it may be another year of strength against the U.S. Dollar despite the current problems of the european economy.

For a look at all of today’s economic events, check out our economic calendar.

2021 forex forecast

2021 will be the year that forex markets get back on track, as the gravitational pull of the dollar fades. We forecast the US dollar to broadly decline in 2021 - generally by 5-10% against most currencies.

Our latest forex forecast examines the outlook for 2021, with quarterly currency predictions from major banks.

2021 forex forecast summary

In 2021, exchange rates will increasingly be driven by how quickly confidence builds in a, hopefully, post-pandemic global recovery. This year has been a wild ride for FX markets, masked by a trade weighted dollar unchanged on the year.

It is clear that investors are being encouraged to move out along the credit curve and out of the dollar, too. Aggressive fiscal and monetary policy support packages have certainly helped here.

2021 will be the year that FX markets, diverted by two years of president trump’s protectionism and then by one year of the covid-19 crisis, get back on track as the gravitational pull of the dollar fades. We forecast the dollar to broadly decline in 2021 - generally by 5-10% against most currencies.

It will not be a straight-line sell-off in the dollar - the legacy of covid-19 in both europe and the US will see to that. And key risks to our bullish call on global currency pairs stem from the world economy failing to exit stall speed or the fed taking away the punchbowl too early.

2021 forex forecast: table of contents

2020 taught us that the financial system is still very dependent on USD funding. Calmer conditions in 2021 should see precautionary USD purchases unwound.

The regime change at the white house suggests a further reversal of the 2018/19 dollar strength seen under trump’s loose fiscal/tight monetary/protectionist era.

The fed’s shift to average inflation targeting at this early stage in the recovery cycle means: (1) negative real rates; (2) steeper yield curves; and (3) a weaker dollar.

The EUR’s idiosyncratic story isn’t appealing, but plenty of bad news is priced in. The soft USD dynamics should dominate. EUR/USD to move to/above 1.25 in 2021.

The EU and ECB steps this year have reduced the odds of a euro risk premia buildup next year. Even if EUR strengthens faster, there is not much the ECB can do.

Against the dollar, the euro should benefit from a post-winter eurozone and global economic recovery, but it should lag european cyclical FX (be it scandies or CEE).

The broad dollar decline we forecast should not spare USD/JPY. Negative real yields in the US suggests USD/JPY will press and possibly break 100.

Japanese policymakers may be a little more comfortable with these levels than in the past. Trade trends suggest CNY/JPY may be more important than USD/JPY now.

We expect 2021 to be a carry-friendly environment. Typically, that would be a JPY negative. However, USD-funded carry should be the dominant theme for 2021.

After five turbulent years, 2021 should be a calmer period for GBP, with politics and the UK-EU relationship uncertainty taking a less prominent role.

A soft trade deal should send EUR/GBP to 0.88. Expect only a modest EUR/GBP fall given: (1) limited risk premium priced in; (2) brexit damage done to the UK economy.

With GBP risk premia reduced in 2021, GBP should enjoy the soft USD environment. GBP/USD to rally to 1.42. And less uncertainty means lower GBP implied volatility.

Exchange rate liberalisation is the key theme in 2021. Recent adjustments in the forward market and to the daily fixing are important steps to loosening control.

China’s better position on covid-19, change in US administration and stability in monetary policy should prove supportive of the yuan in 2021.

Together with interest rate liberalisation, the relationship between the exchange rate and monetary policy should become increasingly obvious.

Struggling with deflation at 1.2% yoy and a nominal trade weighted CHF at record highs, the SNB looks unlikely to shift from policy of negative rates and intervention.

To match ECB balance sheet growth in 2021, the SNB may have to intervene to the tune of CHF180-200bn – and risk the wrath of washington.

The SNB will hope that the return of more benign conditions through 2021 can see some unwinding of precautionary CHF holdings and send EUR/CHF back to 1.15.

We think CAD can count on a solid economic rebound, relatively good rate attractiveness (boc easing has likely peaked) and a recovery in oil prices to outperform the rest of the $-bloc and stage a 6% rally vs USD in 2021.

The highly undervalued AUD should keep benefitting from the global reflation story and extend its run into 2021, but it is facing severe downside risks from trade tension with china and a possible fall in iron ore prices.

NZD is also facing large undervaluation and should remain on an appreciating path in 2021 as global recovery progresses. The RBNZ, and its aversion to a strong NZD, remains the key risk to the outlook, but we expect no more rate cuts.

As the covid-19 crisis abates across LATAM, investors are eager for signs of fiscal consolidation in 2021, amid mounting post-pandemic fiscal concerns.

Fiscal concerns are highest in brazil, and much more modest in mexico. Yieldseeking behaviour would also imply greater support for mexican assets.

2021 outlook may also hinge on post-pandemic growth-trajectories, with noted upside for brazil and colombia. A constructive outlook for commodity prices should also benefit andean FX in general, but political risk is high in chile and peru.

In a reflation trade, the weakest currencies in asia could rise to the top. Determining the pace will be factors like the semi-conductor cycles and vaccines.

But the tech story is a double-edged one and could weigh on certain pairs if joe biden ramps up the technology war with china.

The pull of the CNY will also be important for some. Drawing all the themes together we present a stylised timeline for asian FX outperformance in 2021.

Get your free 2021 forex forecast right now!

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