Taking a look at the G10 currencies, what trading opportunities lie ahead?
Here is their view, courtesy of eFXdata:
TD Research flags its key trading opportunities in the month of June.
“Lockdown exits have priced in too much optimism versus economic realities. Staggered US reopenings should intensify political pressures while the rhetoric between the US and China ratchets upward. European developments reduce the EUR’s medium-term tail risks but create headaches for GBP, which has a twin deficit and Brexit problem,” TD notes.
“We maintain a defensive posture, remaining long USD, JPY versus GBP, EUR…NOK remains attractive on positioning and valuation, favoring topside against GBP and SEK. AUD still remains vulnerable in the short-run, suggesting short-term tops in AUDCAD and AUDNZD,” TD adds.
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