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We believe the Xi-Trump meeting could reignite tensions on
trade and currency. We prefer to stay on the defensive: USD may face
temporary downside pressure vs. JPY and perhaps, CNH, KRW, TWD
(currencies at risk of being named currency manipulators, and trade
surplus with US) in the lead up to the meeting. But if meeting ended in
amicable terms, USD strength could return. Bias remains to buy USDJPY on
dips, looking for a move back towards 112, 114.50 levels. We also look
for further downside ....
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