Divergence within the majors - BBH

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted that within the majors, recent price action has diverged.



Key Quotes



"The Kiwi has been the worst performer, down nearly 1.1% vs. USD over the past week and ahead of the RBNZ meeting that is expected to see another 25 bp hike."



"The euro, Swiss franc, the Swedish krona, and sterling are all down about 0.4-0.6% against the dollar over the past week. On the other hand, the Norwegian krone has been the best performer over the past week, followed by AUD, CAD, and JPY, which are all up modestly against USD. EM FX is likewise mixed this past week, with IDR, THB, and ZAR outperforming and RUB, CLP, and RON underperforming. We believe the EM rally will continue in Q3."



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