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Nov 23 - 10:55 AM

AUD/NZD, USD/CAD, EUR/GBP, EUR/CHF, EUR/JPY, USD/JPY: Tactical Bias - SocGen

By eFXdata  —  Nov 23 - 09:30 AM
Societe Generale Research summarizes its tactical bias on AUD/NZD, USD/CAD, EUR/GBP, EUR/CHF, EUR/JPY, and USD/JPY.
 
"AUD/NZD can get squeezed higher after strong Australian PMI data this morning if the RBNZ doesn’t sound hawkish enough tonight (they should hike by 25bp). USD/CAD has gone from oversold to overbought in a month and if oil steadies, is a sell again. EUR/GBP has found a base just under 0.84, but would have to break 0.86 before challenging the downtrend and that probably requires the market to significantly rethink the rate outlook. It’s too soon for that," SocGen notes. 
 
"It’s not impossible, also, that EUR/CHF has found a floor and finally, EUR/JPY has bounced smartly of 128, looks set to re-test 130 and may, if Treasuries remain under pressure but risk sentiment holds up, break higher with USD/JPY testing 115 again. It’s ‘only’ a psychological level but yen shorts are the biggest part of the net dollar long in CFTC data and above 115 they’re all onside," SocGen adds. 
 
Source:
Société Générale Research/Market Commentary

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