adt_fx FX Outlook 2015 – General Update – 23 May 2015
No change to forecasts. Opportunities to short $EURUSD in the remainder of the current half year have re-emerged. The same can be said for Long $USDJPY. Other preferred position is Short $AUDUSD. In the context of changes last week, discussed below, $CHF remains anomalous and Long $USDCHF is worth considering, after $CHF held ground through April. The shift back to $USD favour is powerful but it's worth noting however, the size of moves last week and the potential for very short term stabilisation (eg. temporary $EUR Support at 1.10) in the first half of this week. Probably something to take advantage of were it to occur. $EURUSD Net Long Futures (CFTC) were notably under 170K at 19 May from 230K in March. The week highlight was clearly the ECB-Coeure indication that the ECB will front-load Bond purchases due through the next……………………………………………….
The outlook now is for less interrupted $USD strength through the remainder of…………………………………………
See attached
