Myriad factors impact major currency pairs, says Gallo

Currency wars, the end of QE and the influence of policymakers makes foreign exchange markets a myriad and complex area, says Stephen Gallo, head of foreign exchange strategy Europe, at Bank of Montreal

Stephen Gallo gives a comprehensive round-up of world currencies

What is your macro view?
In the current context it is important to keep in mind the importance of capital flows – where we have come from, where we are and where we could be heading.

The first thing in the currency arena that comes to mind is the concept of currency wars. I do not think the concept of currency wars is hyperbole. From that perspective it is important to understand what capital flows were like before the crisis, what they are like now and why we have seen the resultant moves in a