The report advocates for a neutral overall FX portfolio stance, citing dollar consolidation following recent payroll data. Key tactical views include staying long on USD/CAD and using CHF as a funding currency.
Key Takeaways
- 1.The author has neutralized the overall portfolio, citing the US payrolls print as a short-term volatility killer.
- 2.USD/CAD remains a medium-term long trade due to USMCA trade policy uncertainty and Canada's weak growth backdrop.
- 3.CHF is seen as a funding currency for high yields, with potential for deeper rallies due to lower-than-expected intervention data.
Table of Contents
- G10 FX
- AUD
- NZD
- GBP
- JPY
- CHF
- CAD
- SEK
- NOK
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Authors
Matt Pheasant
Securities
USD/CADUSDJPY
Themes
Trade Policy UncertaintyUSD Consolidation
Regions
EuropeUnited StatesCanadaJapan