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Thomson Reuters
Feb 25 - 05:00 PM
G0: Scorecard: Bearish NZDUSD, Bullish USD/CAD - BofAML
First appeared on eFXplus on Feb 25 - 01:15 PM

Bank of America Merrill Lynch Research discusses the latest signals from its G10 scorecard and notes that signals are becoming slightly less USD-supportive and increasingly 'relative-value' RV-oriented.

"We remain increasingly bearish NZDUSD & bullish USDCAD. These signals are supported by medium-term valuation and monetary expectations. Bullish USDCAD is further supported by flows, positioning and momentum - a potentially-powerful mix of signals rarely aligned together. Bearish NZDUSD is also supported by seasonals" BofAML notes. 

"Bottom line, the scorecard still leans USD-positive, but we like RV expressions. In the risk / commodity-neutral space, short NZDNOK & NZDCAD. In the risk-off space, short NZDJPY & CADJPY," BofAML concludes. 

BofA Merrill Lynch Research/Market Commentary


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