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Citi's Month-end Model Points to USDJPY Buying

FOREX

Citi's prelim month-end FX hedge rebalancing estimate points to pretty balanced month-end flow, with the exception of USDJPY, in which the signal is positive.

  • They write that global stock and bond markets have recovered from previous month-end's losses and are mostly higher on the month.
  • In the US, equities are higher and bonds slightly lower. However, the relative under-performance is not significant enough to produce a strong USD buy-signal.
  • For Japan, good performance of Japanese assets and the assumption of low hedge ratios results in the signal to sell JPY the strongest at -0.6 standard deviations.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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