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Westpac's G10 FX model "continues to fade.....>

FOREX
FOREX: Westpac's G10 FX model "continues to fade USD strength, focusing on the
USD's diminished yield attractiveness. Elsewhere a clear risk averse bias
continues to percolate through the portfolio; the model is long EUR and JPY and
short AUD and NZD, though a negative growth signal for the latter two currencies
is also part of the story. Markets reacted aggressively to last week's
desperately weak Eurozone PMI manufacturing PMI but it did not leave much of an
imprint on the model's EUR signal; the model also uses the German ZEW which was
showed an offsetting improvement last week."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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