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Citi's Month-End FX Model Sees Stronger USD Sell Signal

FOREX
  • Citi's final month-end FX hedge rebalancing model still sees a need to sell USD into the July close, with the signal strengthening since the prelim estimate. The signal now stands at double the historical average.
  • They add that foreigners' need to hedge US asset gains is the main driver of the signal today, with the bulk of USD selling need emanating from equity investors.
  • For EURUSD specifically, decent performance of local European bonds dulls the signal somewhat due to need for EUR selling.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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