We revised down the EUR/USD

Genevieve Signoret

Currencies

In light of emerging foreign exchange trends, we have revised our outlook as follows:

• Yen has been oddly stable against the dollar, perhaps owing to generalized market caution (risk aversion generally favors the yen). We expect the yen to weaken to US$1.00=¥130 this quarter.

• The Swiss franc is up 3.86% against the dollar since three months ago.

Yen has been oddly stable, perhaps owing to generalized market caution

US$1.00=MXN14.93 was sweet while it lasted

We remain pessimistic for the euro through December 2016

We expect the yen to weaken to US$1.00=¥130 this quarter

CHF rose 3.86% against the USD in three months

Also recovered from 3m ago against the dollar are RUB, INR, CHY, THB