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Feb 16 - 10:55 AM

USD/JPY: Staying Long; Expecting A USD Bout Strength Next 3 To 6 Months - Credit Agricole

By eFXdata  —  Feb 16 - 09:45 AM

Credit Agricole CIB Research discusses the USD outlook and adopts a tactical bullish bias, expressing that via holding a long USD/JPY exposure targeting a move towards 108.

"The main argument of the USD bears seems to be that the Fed’s commitment to average inflation targeting should keep the UST yield curve historically flat and UST real yields very depressed, and this should be the undoing of any USD rally," CACIB notes. 

"On our side, we think that a faster US economic recovery, growing inflation pressure and relative outperformance of US assets should ultimately drive UST yields and the USD higher in the next three to six months, boosting the appeal of trades like long USD/JPY," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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