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Citi See USD Buying Into Month-End

FOREX

Citi's prelim month-end model signals USD buying into the end of February, with the strength of the signal inline with historical norms.

  • They see the flows as being driven by foreign investor need to reduce hedges on US assets, with the signal to buy USD is 90% driven by international equity investors’ hedge rebalancing needs.
  • The USD buy signal is strongest against the JPY, where local investor need to reduce hedges on foreign fixed income dominates the JPY outlook.
  • The signal to sell EUR is weaker than average due to poor performance of EZ bonds, meaning there may be some offsetting EUR buying by foreign investors.
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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