From a BNP research note:
- BNP Paribas says they have initiated a "tactical" long USD/SGD position near lows of week
- Say that there may be some further weakness in USD/Asia crosses, especially if U.S. payrolls are weaker than expected
- But .... follow-through would be limited and BNP is on look-out for opportunities to initiate USD longs
(Note dated March 27)