Some market commentary by Credit Suisse

  • Continues to favour G10 low yielders like CHF and JPY to high yielders like AUD and NZD, a consistent view for the past 6 weeks
  • EUR may hit a bump in April linked to Italian politics, but "we'd buy the dip"
  • GBP is no longer a clear buy and may have a hiccup before the end of March if any problems arise with the Brexit transition deal
  • In valuation terms, USD is not cheap - the political risk premium is unusually high
  • Tariffs have more downsides for the USD via capital account than upsides via the current account

A couple of pointers there from Credit Suisse on their view on the FX market at the moment. Nothing too out of the ordinary, and adds some colour to what has been a relatively quiet session so far.

The market looks to be priming itself for the US CPI report later, so we could be in store for more of a slow session in the next few hours as well.

h/t @AntBarton89