G10 FX

Research evidence excerpt

G10 FX

Laoise Ni Thighearnaigh AC Sales & Trading J P M O R G A Nlaoise.nithighearnaigh@jpmorgan.com

JPMorgan Chase Bank N.A, London Branch 24 June 2026

EUR Well the bid for the Greenback remains strong, and admittedly somewhat stronger than I would

have thought given the reprice since the Fed we have already seen. The franchise is seeing

interest from a variety of corporates so maybe some end of the month price distortions although

interestingly less so from other sectors, perhaps given the underlying views from earlier in the

year hedging strategies fell behind the curve hence the chase here. With tech stocks finding

some composure yesterday (albeit have no clue if out of the woods), oil still languishing and a

data vacuum until payrolls I am starting to feel we have gone far enough purely on the hawkish

dot plot in the short term into the noise of rebalancing.

As per above, have taken profit on the last usdchf in cash, keeping some topside as have to have

some dollar length somewhere as insurance for a continuation here post the next payrolls print,

if am looking to fade anywhere in G10 I don’t mind cable longs which is bumping up against

year to date lows with Burnham likely to be a shoo in political stability should support as long

as nothing too outlandish on the fiscal front this early. On the EM side scratching my head a

little as thought positioning was fairly light (apart from a few idiosyncratic stories) but digging

in in usdzar (expensive) and fading in eurhuf (good levels despite positioning and think strength

of story can hold in the medium term).

The PMIs weren’t great, nor were they a total disaster so the ensuing price action was quite

powerful given the information. Maybe, like me people had taken back shorts from post Fed