Update on FX trading recommendations
7
0
Stop taken in short EUR/CHF − raise stop in long GBP/CAD
Fri, Nov 21 2008, 10:02 GMT
by John Hydeskov
- We recommended three FX strategies earlier this week, see FX Strategy: Go short EUR/USD, EUR/CHF - long GBP/CAD, 18 November
- The stop has been met in our short EUR/CHF recommendation and we are taking a loss of 1.32% (including carry).
- The CHF weakened after the SNB's surprising 100bp rate cut but it was not before early this morning the pair saw a short-lived spike, triggering our stop.
- We still believe that EUR/CHF will adjust downwards but prefer to stay on the sidelines as long as the ECB stubbornly refuses to join the game on monetary stimulus.
- We are lifting the stop to entry level in our long GBP/CAD recommendation as this position now is well in the money. The CAD has been sold off as the oil price has dropped to USD50/bbl, putting exports and the profitability of Canadian oil extraction under pressure.
Published on Fri, Nov 21 2008, 10:10 GMT
Archive
- We recommend hedging RUB exposure
Published On Thu, Jun 4 2009, 09:32 GMT - Buy EUR/HUF
Published On Thu, May 14 2009, 06:43 GMT - Stop taken in short EUR/CHF - raise stop in long GBP/CAD
Published On Fri, Nov 21 2008, 10:02 GMT
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