Credit Agricole CIB FX Strategy Research notes that investors seem unperturbed by the prospect of further tightening by the FOMC coinciding with less loose monetary policy from the ECB and BoE.
“Indeed, equity markets are doing fine and while this continues the Antipodeans will remain supported against the USD and JPY, but struggle against the GBP and EUR.
We continue to think that a global steepening in yield curves as central banks move to end their asset purchases programs or in the case of the FOMC normalize both its interest rates and balance sheet, that the Antipodean currencies will underperform the G10,” CACIB argues.
Source: Credit Agricole CIB Research
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