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Nov 05 - 02:55 PM

G10: Staying Constructive NZD, CAD But Not GBP And Bearish JPY And CHF - Credit Agricole

By eFXdata  —  Nov 05 - 01:00 PM

Credit Agricole CIB Research discusses its tactical bias on G10.

"Looking ahead, we think that the true winners of the central bank policy divergence trade will be the G10 currencies that maintain a meaningful rate advantage while avoiding a too aggressive flattening (or inversion) of their respective yield curves," CACIB notes. 

"We therefore remain constructive on the NZD and the CAD but not on the GBP where the aggressive flattening of the gilt yield curve seems to have taken a heavy toll on the currency. We also remain bearish on the JPY and the CHF, which remain the best funding G10 currencies and have relatively flat yield curves," CACIB adds. 

Crédit Agricole Research/Market Commentary


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