Heading into a new week, analysts at JP Morgan offer their outlook on the major currencies, in light of a relatively data-thin macro calendar.
“Portfolio remains light on risk.
Slight defensive tilt to navigate protectionism-related uncertainty
Maintain a modest USD short vs. other reserve currencies like CHF.
Keep selective high beta shorts expressed via AUD and NZD versus the Euro.
Oil is re-emerging on macro radars as a potential petro-FX catalyst, stay tactically long NOK/SEK and short EUR/NOK.
CAD is on the watch list as a potential buy given the better tone to NAFTA negotiations.
The range bias for the USD indices persists following this week's failure at key resistance.
The breakdown in USD/JPY reasserts the medium-term downtrend; the backdrop for Antipodeans continues to deteriorate.
NOK/SEK, USD/HUF, USD/CZK, USD/NOK, JPY/KRW, USD/KRW, USD/CAD and USD/ILS & short PLN/HUF, GBP/CHF, AUD/CHF, USD/CHF and NDZ/USD.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.