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It's all about Sterling

Investment Solutions - FX Strategy

Dear investors,

Please find below the October 2019 issue of FX Monthly.

Key highlights:

We have trimmed our year-end EURUSD forecast, but as global activity stabilises and bottoms out the currency is likely to gain more traction and shrug off some of the external risks that were priced in.
We stay neutral on CHF, forecasting EURCHF at 1.10 over the foreseeable future.
Brexit developments and GBP undervaluation suggest upside sterling pressures over the next few quarters.
USDJPY likely to consolidate in a range of 106-109.
The US-China ceasefire supports our view of a stabilization in USDCNY around 7.10 for the time being.

FX Forecasts:

	Q419	Q220
EURUSD	1.12	1.15
GBPUSD	1.30	1.34
EURGBP	0.86	0.86
EURCHF	1.10	1.10
EURSEK	10.85	10.95
EURNOK	10.00	9.90
USDCHF	0.98	0.96
USDJPY	106	107
USDCAD	1.32	1.29
AUDUSD	0.68	0.70
NZDUSD	0.63	0.63
USDCNY	7.10	7.00

Best regards,

Investment Solutions FX Strategy team

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