The G10 FX market remains in a state of 'frustrating rangy price action' as it awaits geopolitical resolutions in the Middle East and critical US macro data. J.P. Morgan maintains a short bias on CAD following a technical recession and remains bearish on CHF due to SNB policy and yield dynamics.
Key Takeaways
- 1.The US Dollar view is split between 'US exceptionalism' and a global growth rebound following a potential Iran deal; markets are waiting for upcoming NFP and CPI data.
- 2.Canada has entered a technical recession with 1Q annualized GDP printing at -0.1% against a 1.5% consensus, reinforcing a short CAD bias.
- 3.Bearish sentiment on CHF persists due to its low-yield status and the SNB's desire to prevent currency strength, especially relative to the USD.
Table of Contents
- G10 FX
- JPY
- CHF
- CAD
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Authors
Beatriz Antunes
Securities
USDCHFUSDCADAUDNZDUSDJPYAMZN
Themes
Geopolitical StalemateTechnical Recessions
Regions
GlobalEuropeNorth AmericaUnited StatesCanadaSwitzerland