This week, the scorecard recommends buying NOK, JPY, SEK while selling NZD,GBP,CHF.
This week's long recommendation for JPY mainly derives from the yen's steep decline last week, i.e. a mean-reversion argument. Also, the Scandies are favoured this week, mainly on the grounds that last week's dire performance hints at a rebound, although movements in interest rates are a negative for SEK this week. Note that pair-wise buying NOK/SEK is suggested by the scorecard.
The short basket is a mixed bag this week: NZD is suggested shortened as positioning looks increasingly stretched, technical indicators are negative on sterling, and last week's performance weigh on CHF.
For seven consecutive weeks the scorecard has delivered positive performance, taking year-to-date performance to 1.9%. Last week's large negative weight on JPY made a significant contribution to return last week.
To Read the Entire Report Please Click on the pdf File Below.
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Recommended To Go Long On JPY
Published 11/20/2012, 04:32 AM
Updated 05/14/2017, 06:45 AM
Recommended To Go Long On JPY
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