JPM citing declining economic growth confidence globally
- and thus is a good indicator for defensive low-beta longs against high-beta shorts
Fed easing warrants "holding a more balanced set of low-beta currencies beyond just USD". And, on the other side - JPM single out "the antipodes"
- domestic rates are plummeting to historic lows
JPM short
- AUD/CHF
- AUD/JPY
- NZD/JPY
- NZD/USD
More:
EUR does well historically during Fed easing cycles
- but this time …. We remain skeptical…. Euro area economic confidence continues to ebb
JPM prefer short EUR/USD and EUR/JPY
