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- Attractive Risk-Reward In Long USD Vs High-Beta; Staying Short NZD/USD - Credit Agricole
Attractive Risk-Reward In Long USD Vs High-Beta; Staying Short NZD/USD - Credit Agricole
"The USD is unlikely to lose sight of the opinion polls and candidates' rhetoric going into the second presidential debate on 9 October, especially as the first debate has now put pressure on Donald Trump to come up with a more forceful performance.
For the September non-farm payrolls we expect an improvement from the August reading with a gain of 175K. Given Fed Chair Yellen's message in September suggesting that there was more room for labour market improvement without creating excessive inflationary pressures, measures of broader labour market slack and wages should be particularly in focus this time.
We still believe the more attractive short-term risk-reward is for USD longs against the G10 commodity bloc currencies and remain short NZD/USD* in our portfolio.
Credit Agricole maintains a short NZD/USD from 0.7292 targeting 0.70".
*This trade is recorded and tracked in eFXplus Orders.
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