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Raphaël Gallardo

Investment & Client Solutions Strategist

Currency war: end of act II?

18.05.2015 - Raphaël Gallardo

Market analysis by Raphaël Gallardo, strategist of Investment and client solutions.

"In a world marked by high unemployment and subject to deflationary pressures, the currency war is a recurrent theme. It is indeed tempting for governments and central banks to export their problems to their neighbours by giving their own economies artificial competitiveness through a currency depreciation. This exchange rate volatility is likely to play an increasingly important role in asset allocation considerations.

From the first months of the 2008 crisis, the United States and the United Kingdom benefited from substantial depreciations thanks to the implementation of drastic monetary stimulus programmes, the famous quantitative easing (QE). From end-2012, it was Japan’s turn to join the battle, with the announcement of a massive monetary easing programme once the right wing returned to power in December."


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Raphael Gallardo graduated from the Ecole Nationale Supérieure des Mines de Paris, civil engineering course.

Raphael Gallardo began his career as a financial Engineer at Paribas in 1997, before joining the Economic Research division of BNP Paribas in 1999 and the Asset Management in 2005. In 2007, he became a Chief Economist at Axa IM.

He joined Natixis Asset Management in 2013 as an Investment & Client Solutions Strategist.