Goldman Sachs FX Spot Desk Strategies

EUR: I think this lack of positioning and mentality make short EURUSD attractive and suspect people will feel under-positioned as we head towards Thursday’s important US Retail Sales release. 

JPY: Whilst the figures will reassure those calling for a September hike, there are other parts to the jigsaw the need to hold up to maintain the momentum seen over the past couple of weeks (retail sales Thursday). 

GBP: Cable should start to find some support down towards 100dma at 1.5172 with topside resistance where we went into Payrolls around 1.5330. 

AUD & NZD: Tonight we have NAB business surveys and home loan data, and we like AUD lower off the back of continued follow through in the dollar putting high yielders under pressure. In a similar vein, we continue to like Kiwi lower, though cognisant of the RBNZ Wednesday evening. 

CAD: For the time being we are flat looking at more attractive dollar crosses into retail sales.

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