Credit Agricole note that "at 0.93 (0.62......>

FOREX: Credit Agricole note that "at 0.93 (0.62 last week) our FX Risk Index has

moved further into risk averse territory. This is fully in line with the view

outlined as part of last week's publication, according to which we expected

commodity currencies such as the AUD and NZD to face further downside risks."

- Credit Ag. suggest that "those higher-yielders remain very sensitive to risk

sentiment. At the same time, speculative-oriented investors continue to run a

sizeable NZD long position. Hence, position-squaring-related NZD downside risk

would remain intact even if risk sentiment were to stabilise again."

- Elsewhere, they "continue to advise against buying crosses such as EURCHF.

This is due not only to more unstable global risk sentiment but also to

increasing likelihood of the SNB considering softer rhetoric on the CHF when its

monetary policy is announced in June. Our midyear EURCHF target remains at

1.1800."