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Forex pairs in this Article » GBP/USD, USD/JPY (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale believes that rebalancing will go ahead at the expense of Emerging Market currencies.

He is remaining short GBPUSD and looking to long USDJPY at 90 and strategically, he writes, " we like long Vega in EM/USD and short gamma on the chance that the broader EM/USD position will eventually correct later in the coming weeks. Short GBPUSD is partly an expression of this. US retail sales in Jan will likely survive the hit from the 2% hike in taxes supporting USDJPY and CAD vs USD."
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