ANZ monthly FX outlook — like USD/Yen and yen crosses (forecasts)

In brief from ANZ’s monthly forex outlookOUTLOOK AND STRATEGY

  • Politics has had an outsized negative impact on the USD and this is due to reverse, however the broader environment suggests that the reversal could be more selective.
  • Monetary policy is playing less of a role in supporting the USD as other central banks shift their biases and as strong global growth and low volatility remain supportive of cyclical currencies. 
  • We favour being long the USD against low yielding currencies like the JPY, but think that the broader environment will place a solid floor under cyclical currencies.
  • We favour buying JPY crosses on dips.

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