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Jul 24 - 01:24 PM
JPY, CHF & Gold: Safe Haven Demand To Stay - Citi
First appeared on eFXplus on Jul 24 - 11:15 AM

Citi Research discusses its tactical bias on safe havens (JPY, CHF, Gold), and maintains a bullish bias in the near-term.

"Despite renewed optimism about US – China trade talks and some de-escalation of Mideast tensions, our CitiFX Flows team sees better buyers of CHF on the risk of some cracks emerging from the US earnings season that could serve as a catalyst for safe haven demand. Taking also into account that the extreme long positioning has substantially pared back, CHF could find some room to continue its bullish run with the current uncertainty over Brexit following the elevation of Boris Johnson as UK PM also adding to CHF’s outperformance versus GBP," Citi notes. 

"Our CitiFX Flows team also reports inflows into JPY from real money and hedge funds ahead of US – Japan trade talks and Citi Commodities analysts think late 2Q may have represented a structural regime shift for Gold as the ECB, FOMC and other central banks look to ease policy with the team also noting the record pace of official sector bullion buying," Citi adds. 

Citi Research/Market Commentary


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