Bank of America stays bullish on the safe-haven currencies for the rest of 2020 while citing fewer odds of strong economic recovery. Also in their arguments was the likely delay in the coronavirus (COVID-19) vaccine that can weigh on risks. Key quotes We expect that a weak recovery of the global economy and delays on when a Covid19 vaccine will allow a move back to normality will squeeze long positions in risk assets. We see limits in further macro policy support. For the rest of the year, we are positive on JPY, USD and CHF against EUR, GBP, CAD and SEK. Based on these arguments, we went short USDJPY in mid-July via a 3 month USD put /JPY call, to hedge against higher volatility this fall. Market implications While the risk-off mood is already at its full steam, such bank reports strengthen traders’ perspective towards the safe-haven currencies. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD Price Analysis: Bulls cheer inverse head-and-shoulders confirmation to attack 1.3300 FX Street 1 year Bank of America stays bullish on the safe-haven currencies for the rest of 2020 while citing fewer odds of strong economic recovery. Also in their arguments was the likely delay in the coronavirus (COVID-19) vaccine that can weigh on risks. Key quotes We expect that a weak recovery of the global economy and delays on when a Covid19 vaccine will allow a move back to normality will squeeze long positions in risk assets. We see limits in further macro policy support. For the rest of the year, we are positive on JPY, USD and CHF against EUR, GBP, CAD and SEK.… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
