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03 October 2023 FX | Global | US

G10 FX Weekly: Slowing USD, Patience on AUD/NZD, EUR/SEK, and Stay Long EUR/CHF

Richard Jones

Summary

- USD has risen for 11 consecutive weeks. We remain bullish but think this stage of the rally may be losing momentum.

- AUD/NZD is trading down to range lows. We think it will make it there, and that will make it an attractive long.

- EUR/SEK is sat just over 11.50. We want to turn long but wait for two reasons.

- We still see value in long EUR/CHF, with markets forgetting the SNB’s previous struggle with deflation.

Summary

- USD has risen for 11 consecutive weeks. We remain bullish but think this stage of the rally may be losing momentum.

- AUD/NZD is trading down to range lows. We think it will make it there, and that will make it an attractive long.

- EUR/SEK is sat just over 11.50. We want to turn long but wait for two reasons.

- We still see value in long EUR/CHF, with markets forgetting the SNB’s previous struggle with deflation.

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