J.P.Morgan Add EUR Downside & Long JPY Exposure

Late on Friday J.PMorgan wrote “we scale up exposure to medium-term themes we’ve advocated - more rates compression (long JPY) and using EUR as a funder. The portfolio tilts modestly pro-risk as we head into another tactically-loaded week, where in our view Fed risks skew towards short-term USD weakness - though we will likely trade nimbly as we navigate more central bank meetings, US ECI, NFPs and the Treasury refunding announcement, among others.”

• “All together, we add shorts across EUR/CHF & EUR/SEK, as well as selling a 50/50 basket of
  GBP & EUR vs. JPY - materially ratcheting up our exposure to both EUR downside and JPY amid a range of realized and expected dovish central bank outcomes.”