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### POV - SEASONAL USD TREND HOLDING ON.......>

FOREX
FOREX: ### POV - SEASONAL USD TREND HOLDING ON
Despite a modest pick-up in safe-haven currency pairs and an improving CAD on
positive NAFTA, seasonal August dollar strength remains. With focus now turning
to month-end, bank hedging requirement models are suggesting USD sales, so it
will be interesting to see if the stronger USD theme in August can hold on. 
- NZDUSD lower 9 of the last 11 years, currently -1.58%
- AUDUSD lower 12 of the last 15 years, currently -1.60%
- USDCAD higher 8 of the last 10 years, currently -0.59% (NAFTA buoyed CAD)
- GBPUSD lower 9 of the last 11 years, currently -1.71%
- USDCHF higher 7 of the last 11 years, currently -1.38 (Safe-haven flows)
- USDJPY higher 4 of the last 6 years, currently -0.55%.
- DXY is on course to register its 5th straight month of gains, currently
+0.31%.

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