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17 Jun 2013
Flash: Long GBP regardless - Societe Generale
FXstreet.com (London) - Kit Juckes at Societe Generale said there are few FX trades in desire for them ‘right now'.
“EUR/USD is a sell at higher levels and USD/JPY needs to form a base before being a buy. Long USD/CAD is a good risk-reward trade, and long GBP vs EUR, CHF, NOK and SEK all make sense to me even if Roger Bottle is writing in the Telegraph about the need for an even weaker pound.”
Kit Juckes still likes to receive 2y/2y Euros against the dollars and said that this week's main European data will be a further modest gain in PMIs for June, but said nothing in Europe was seen last year to alter a view that the ECB will need to ease policy further this year. “And I like buying 10yr gilts against Treasuries even if the UK CPI downtrend is widely expected to be reversed a bit this week”.
“EUR/USD is a sell at higher levels and USD/JPY needs to form a base before being a buy. Long USD/CAD is a good risk-reward trade, and long GBP vs EUR, CHF, NOK and SEK all make sense to me even if Roger Bottle is writing in the Telegraph about the need for an even weaker pound.”
Kit Juckes still likes to receive 2y/2y Euros against the dollars and said that this week's main European data will be a further modest gain in PMIs for June, but said nothing in Europe was seen last year to alter a view that the ECB will need to ease policy further this year. “And I like buying 10yr gilts against Treasuries even if the UK CPI downtrend is widely expected to be reversed a bit this week”.