Full Details On Barclays' Open Trades In EUR/USD, USD/CHF, & USD/JPY
Short EUR/USD: From 06/20/2013 -- Stop 1.34 -- Target 1.28
Initial rationale: Fed tapering and the associated tightening in financial conditions globally, combined with a weak growth/inflation outlook in the euro area, imply divergent monetary policy from the ECB versus the Fed.
Long USD/CHF: From 03/21/2013 -- Structural l/t trade
Initial rationale: This trade performs under our base case of USD strength and manageable euro area risks. With EUR/CHF still floored at 1.20, there is limited downside on any serious re-emergence of peripheral risks
Long USD/JPY: From 06/20/2013 -- Stop 94 --Target 103
Initial rationale: Barclays expects the cross to grind higher from current levels towards 103 in three months. The battle in inflation expectations now seems to be more difficult than before; hence, we expect yen weakness to be maintained for several months.
Initial rationale: Fed tapering and the associated tightening in financial conditions globally, combined with a weak growth/inflation outlook in the euro area, imply divergent monetary policy from the ECB versus the Fed.
Long USD/CHF: From 03/21/2013 -- Structural l/t trade
Initial rationale: This trade performs under our base case of USD strength and manageable euro area risks. With EUR/CHF still floored at 1.20, there is limited downside on any serious re-emergence of peripheral risks
Long USD/JPY: From 06/20/2013 -- Stop 94 --Target 103
Initial rationale: Barclays expects the cross to grind higher from current levels towards 103 in three months. The battle in inflation expectations now seems to be more difficult than before; hence, we expect yen weakness to be maintained for several months.
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