Currency Markets Are So Sleepy That HSBC Is Out of New Ideas

Sheets of one hundred dollar bills are fed through a sorting machine at the Bureau of Engraving and Printing in Washington, D.C., U.S., on Wednesday, Oct. 14, 2009. Goldman Sachs Group Inc. said the dollar is likely to extend drops against the euro and commodity backed currencies over the coming six months, based on the greenback's correlation with cyclical assets and capital flows.Photographer: Andrew Harrer

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By Luke Kawa and Sid Verma

April 17, 2019 at 7:18 PM UTC

This article is for subscribers only.

Foreign-exchange markets are so quiet that HSBC’s strategists are drawing a blank.

“We are in an unusual position in this month’s FX Tactician, deciding for the first time not to introduce a new trade idea for the month ahead,’’ Daragh Maher, the bank’s U.S. head of currency strategy, wrote in a note to clients. “In part, this reflects the lack of volatility evident in G10 FX markets which means we have neither hit our take-profit levels nor our stop-loss in the trades we entered in January, February and March.’’