Key Points:
Market uncertainty: Disconnected relationships between FX and rate differentials—similar to 2022—suggest traders are reacting more to political signals than fundamentals.
CHF bearish bias: Recommends short CHF positioning, expecting a decline in safe-haven demand as geopolitical risk potentially eases.
SocGen avoids a direct USD short stance but sees selective opportunities: long AUD as trade tensions ease and short CHF as geopolitical risk subsides. Broader USD weakness is more likely after the summer once clearer policy and data signals emerge.
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This article was written by Adam Button at www.forexlive.com. Read More Details
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