«Trends and Setbacks»
The USD rallied strongly in July before the disappointing US labor report stopped its rebound. A number of favorable circumstances and short-USD position squaring supported the USD rally. We remain USD bearish …
Economy & Interest Rates
There have been marginal forecast changes with US growth seen slightly versus slightly firmer growth in the rest of the world. Business sentiment and consumer confidence remained range-bound in July. Inflation expectations remain elevated …
FX Markets
The USD DXY jumped 3.4% in July with the largest gains versus the JPY and the GBP. The USD also strengthened versus EM currencies but on balance less than versus the other major currencies. The speculative oversold USD positions declined …
FX Analytics
We kept all discretionary Macro positions unchanged with EUR, JPY, CHF and SEK long versus the USD. In Business Sentiment, the JPY position shifted from neutral to long, the long CHF position versus the USD went to neutral and the short GBP position increased …
