Summary •

  • We have adjusted our EUR/USD forecast downwards and now expect the cross to trade at 1.55 in 3M and 1.50 in 6M •

  • We still expect JPY strength going forward and see USD/JPY at 102 and 100 in 3M and 6M. EUR/CHF is also likely to turn lower, we expect 1.58 in 3M and 1.56 in 6M •

  • We believe EUR/GBP will remain elevated over the coming three to six months before turning lower •

  • NOK and SEK have good potential against EUR, while we expect AUD and NZD to underperform relative to USD •

  • We expect USD/CAD to trade around parity