FX markets are becalmed. The FOMC policy debate is evolving very slowly as the members are unsure about when to start raising rates. The oil price collapse has also turned into something that looks like range-trading. European data are pointing to stronger growth, but the euro isn’t getting a lift. We are staying bullish dollar mediumterm, in the expectation that it doesn’t run out of control because market pricing of Fed hikes remains very gradual. For now, the yen is a loser and anything with yield is a winner. Go long NZD/JPY as dollar consolidation persists and global risk sentiment stays buoyant.