Strategy Report

Reflation Trumps All

12 Aug 2016

by Mathieu Savary, Chief Strategist, Developed Markets ex US & Head of Research Innovation

U.S. inflationary forces remain tame, forcing the Fed to maintain an easy bias. Yet, the global economy is improving. This confluence could weigh on the dollar and boost commodity currencies. The NZD has more upside, but it will lag petro currencies. The BoJ will act, but timing is uncertain. Keep a negative bias toward the yen. CAD/NOK has more downside.

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