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Nordea suggest that "the USD will likely remain cheap in rates/basis terms in to year-end as the potential wave of USD liquidity from the US Treasury General Account paired with USD lending in FX swaps from banks stuck with capital otherwise "reserved" for stock buy backs will keep USD funding markets afloat. Our fair-value indicator supports the notion that 3-month EUR/USD x-ccy basis should trade towards 0 or even slightly above in the final stage of the year, which hints that the year-turn could still be priced too expensively in USD (>2% annualised)."

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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