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1、Thisdocumenthasbeenproducedby:BearishNZDmomentumhasincreasedto-68(-/+100scale),oneofBNPParibasLondonBranchthemostbearishscoresforthecurrencysince2015.OverallUSDmomentumisneutralat-1.USDmomentumhasrarelyNatalieRickarddippedintobearishterritoryoverthepastfiveyears.FXStrategis
2、tSEKmomentumremainsbullish,withboththeyieldandFXMichaelSneydcomponentssendingstrongbullishsignalsforthecurrency.GlobalHeadofFXStrategy&AcrosstheG10,withtheexceptionoftheSEKandNZD,Cross-AssetStrategistmomentumappearslightatthemoment.Chart1:BearishNZDtrendatmulti-yearextremeC
3、hart2:EquitiesturnverybearishfortheNZDChart3:USDmomentumrarelybearishsince2014Chart4:SEKRatesandFXsendbullishsignalsAllchartsources:Macrobond,BNPParibasAllchartsources:Macrobond,BNPParibasInCharts2and3,eachcomponentscorevariesbetween+/-33.3.InChart4,theoverallscoreisasumofthe
4、threecomponentsandvariesbetween+/-100.BNPParibasFXmomentum(scaleof-100to100)100Bullishmomentum10-Oct-201703-Oct-2017445022141380-1-7-14-50-24-68-100BearishmomentumSEKCADCHFEURGBPUSDJPYNOKAUDNZDSource:BNPParibasPleaserefertoimportantinformationattheendofthereportwww.GlobalMark
5、ets.bnpparibas.comBNPParibasFXmomentumportfolioreturns*Source:Macrobond,BNPParibas*PortfolioofequallyweightedbasketsofeachG10currencywithpositionsizesdeterminedbythemomentumscoresand10%voltarget.Indexedto1Jan2010Three-yearplotofG10currencymomentumscoresUSDoverallmomentumGBPov
6、erallmomentumEURoverallmomentumJPYoverallmomentumAUDoverallmomentumCADoverallmomentumAllchartsources:Macrobond,BNPParibasAllchartsources:Macrobond,BNPParibas10October20172FXQuantInsightwww.GlobalMarkets.bnpparibas.comNZDoverallmomentumCHFoverallmomentumNOKoverallmomentumSEKov
7、erallmomentumAllchartsources:Macrobond,BNPParibasAllchartsources:Macrobond,BNPParibasBriefintroductiontoBNPParibasFXMomentumBNPParibasFXMomentummeasuresthestrengthofacurrency’sbullishorbearishtrend,providingascoreforeachcurrencybetween+100and-100.Thelargerthescoreforacurrency
8、,thestrongeritstrendappearstobe.Whenanexchangeratehasatrend,itmeansf
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