Global FX Strategy

Citi Research maintains a USD-positive outlook ahead of upcoming US data prints. They continue to hold bearish positions on EURUSD through put spreads.

Key Takeaways

• 1.Market risks remain USD-positive heading into US CPI data, supporting a hold on EURUSD put spreads.
• 2.Street core CPI expectations have lowered, making the bar for an upside surprise lower.
• 3.G9 FX positioning against USD may see further short covering if data and Fed policy lean hawkish.

Table of Contents

• CITI'S TAKE
• Appendix A-1
• RESEARCH ANALYST AFFILIATIONS / NON-US RESEARCH ANALYST DISCLOSURES
• OTHER DISCLOSURES

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