Forex and Commodities Weekly Outlook

UBS anticipates a range-bound USD performance around the FOMC meeting and suggests tactical caution in forex markets. The firm is rotating out of long AUDUSD positions while maintaining interest in selective volatility-selling strategies.

Key Takeaways

• 1.The USD remains well supported by macro data but upside is capped due to heavy positioning and potential Fed meeting non-event.
• 2.Tactical shift away from long AUDUSD due to near-term USD resilience despite a positive medium-term outlook.
• 3.Interest in volatility-selling strategies for currencies like EURNZD and CHFNOK as broader market volatility remains low.

Table of Contents

• FX opportunities of the week
• Comments on recent opportunities
• Yield pickup opportunities of the week
• Comments on select currencies and commodities
• Data calendar

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