The J.P. Morgan G10 FX daily report maintains a bullish USD bias based on US economic exceptionalism, while noting a tactical shift to NZD following a hawkish RBNZ hold.
Key Takeaways
- 1.The USD maintains a positive bias driven by US exceptionalism and a resilient economy, despite potential short-term volatility from month-end flows and upcoming data.
- 2.The RBNZ's hawkish shift, following a split 3-3 vote to hold rates and a signal for a July hike, has led to a tactical rotation into NZD longs versus AUD.
- 3.Strategists are increasingly bearish on the Euro due to widening growth and interest rate differentials that favor the US dollar.
Table of Contents
- G10 FX
- JPY
- CHF
- AUD
- CAD
- NOK
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Authors
Laoise Ni Thighearnaigh
Securities
USDJPYAUDNZDUSDCADEURGBPGBPUSD
Themes
US ExceptionalismCentral Bank Hawkishness
Regions
North AmericaEuropeAsia PacificUnited StatesJapanNew Zealand