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JPM Remain Bearish EUR, But See Better Value Via Crosses

EUR
  • JP Morgan write that underlying EUR drivers—softer relative growth, peaking rate differentials and relative equity momentum—are all still supportive of a bearish outlook on the euro, however this view is perhaps better expressed on EUR crosses.
  • Their preference remains to be bearish the euro and use it as a funder; and still consider that risks are biased to the downside to EUR/USD, They consequently recommend EUR shorts via short SEK/CHF and to a fund a CAD, MXN trade.
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