US economy trundling along - SocGen
|Kit Juckes, Research Analyst at Societe Generale, explains that the US economy is trundling along at a growth rate of close to 2% per annum as the unemployment rate is falling, but wage growth is subdued.
Key Quotes
“The Fed is tightening, but slowly. Bond yields remain in narrow and low ranges. Major currencies are also stuck in tight ranges, and where there was strength in higher-yielding currencies, there is now dispersion in performance, as investors are less sure of the dollar trend and more worried about idiosyncratic events. We’re trying to be patient, aiming to get long EUR/USD and EUR/JPY in November. That might unlock better performance for higher-yielding currencies as the dollar trend turns lower again. But for now, longs in PLN, CZK, NOK and CAD, and shorts in GBP, CHF and TRY all still appeal.”
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