vendredi 17 mai 2013

Citi Increases USD Long, JPY Short, And Adds AUD Short In Its Overlay Portfolio

Citibank made several changes to its overlay portfolio this week:

"We are further increasing our USD long bringing it to +40. To balance this, we are increasing our JPY short and decreasing our NZD long. We are also moving from a slight AUD long to an AUD short position. Finally we are entering a slight EUR long position," Citi says.

On increasing USD long, Citi's rationale is as follows: 

"We are significantly increasing our USD-long position as we believe the USD buying theme will persist while economic data continues to stagnate elsewhere and talk of the end of QE3 re-emerges," Citi clarifies.

On adding AUD short, Citi's rationale is as follows:

"We are also moving from a slight long-AUD position to a short AUD position. Earlier this week, the world’s two biggest mining companies both announced capex cuts for next year. The RBA expressed concern over economic growth at its most recent meeting and appeared to leave the door open to further rate cuts. AUD’s problem is that Australia may end up with weaker FDI, a wider currency account deficit, lower interest rates and diminished portfolio investment at the same time, with AUD weakness the only degree of freedom," Citi adds.

Copyright © 2013 eFXnews

0 commentaires:

Enregistrer un commentaire