22 AUG 2013 13:24 EDT
By eFXnews.com
Citibank made several changes to its overlay portfolio this week
including raising the EUR weight to +5 overweight from market neutral,
raising the CHF underweight to -5 from -10 and lowering the CAD
underweight to -10 from -5.
"The raising of the EUR overweight and CHF underweight reflects our expectation for increased capital flows to Europe from Emerging Markets. Equity and fixed income investments in EM should continue to unwind into September, and investors seek diversified safe havens," Citi outlines its bias on EUR and CHF.
"For Canada, we anticipate additional attention on the 4 September BOC meeting leading to CAD weakness," Citi outlines its bias on CAD.
Meanwhile, Citi kept the USD overweight as the largest position in the portfolio.
"With the FOMC on track to begin tapering in September, we anticipate the USD will continue to outperform in Q3," Citi projects.
"The raising of the EUR overweight and CHF underweight reflects our expectation for increased capital flows to Europe from Emerging Markets. Equity and fixed income investments in EM should continue to unwind into September, and investors seek diversified safe havens," Citi outlines its bias on EUR and CHF.
"For Canada, we anticipate additional attention on the 4 September BOC meeting leading to CAD weakness," Citi outlines its bias on CAD.
Meanwhile, Citi kept the USD overweight as the largest position in the portfolio.
"With the FOMC on track to begin tapering in September, we anticipate the USD will continue to outperform in Q3," Citi projects.
Copyright © 2013 eFXnews
No comments:
Post a Comment