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JYSKE Bank JUL 27 Market Drivers Currencies
JYSKE Bank JUL 27 Market Drivers Currencies
JYSKE Bank JUL 27 Market Drivers Currencies
Today’s Comment over the past 13 months. Consumer Today’s Chart – US Consumer confidence (Conference Board)
confidence is still below the historical average,
The English version of our July/August issue of
and that indicates that the US consumers are
FX-Spot On will be published very soon. We
still cautious. Even though the recent turmoil
have raised our 3-month forecast for EUR/USD
to 1.23, as the worst panic relating to the euro
in the financial markets may have a somewhat 150
negative effect, the headwind that consumers
zone debt crisis seems to have abated. We
have been facing is gradually changing to a 140
assess, however, that there is a certain risk we
will see renewed political turmoil after the
slight tailwind, and therefore we expect a 130
moderate increase in consumer confidence in
summer and maintain therefore our negative
July. Yet, disappointing figures will add to the 120
view of the cross rate in the short term.
budding concerns about another downturn in 110
CHFDKK 546.11
Please refer to the publication, CHF: stil moving upwards -
MARKET DRIVERS – CURRENCIES
FX Research • 27.07.2010 • Jyske Markets
Current Strategies
Currency Strategy Description of Strategy Date of Entry Target Stop READ
Entry Level Loss MORE
Due to deflation in Japan, BoJ will keep rates unchanged for quite som time into 2011
USD/JPY Option Widening of the interest-rate spread to the US and the euro zone, among others, will put the yen under pressure 16-12-2009 89.68 106 N/A CLICK HERE
In the long term, the dollar will strengthen due to a faster economic recovery and stronger rate hikes in the US
Please note: We point out that FX investment is currently associated with extraordinarily high uncertainty.
But for long-term risk tolerant investors, there may be good investment opportunities in these turbulent
times. This recommendation is only relevant for very risk-tolerant clients with the right risk profile and the
overall financial strength to cope with any loss that may be incurred.
MARKET DRIVERS – CURRENCIES
FX Research • 27.07.2010 • Jyske Markets
The research report is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any
responsibility for the correctness of the material nor any liability for transactions made on the basis of the information
or the estimates of the report. The estimates and recommendations of the research report may be changed without
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business procedures covering the research activities of Jyske Markets, a business unit of Jyske Bank.
Jyske Bank's FX, money market and commodity analysts may not hold positions in the instruments for which they
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Risk
FX, money market and/or commodity investment involves risk. Movements in the credit market, the sector and/or the
news flow, etc. regarding the issuer may affect the exchange rate/the interest rate/the price of the commodity. See the
front page of the research report for our view of the risk associated with the currency/interest rate/commodity
investment. The risk factors and/or the sensitivity calculations stated in the report should not be regarded as
exhaustive.
See the front page for the initial date of publication of the report.
All prices stated are the latest trading prices at the time of the release of the research report, unless otherwise stated.