FX Insights: London trip notes – Clients’ and Nomura’s views

Research evidence excerpt

FX Insights: London trip notes – Clients’ and Nomura’s views

Global Markets Research

13 July 2026FX Insights

Foreign Exchange - Global

Research Analysts

London trip notes – Clients’ and Nomura’s views Global FX Strategy

Craig Chan - NSL

We highlight key observations from our client interactions. craig.chan@nomura.com

+65 6433 6106

Asia Rates Strategy • Clients broadly held a near-term stronger USD view, but some expect this to last over

Albert Leung - NIHK the medium-term. albert.leung1@nomura.com

• Risk of FX intervention by Japanese authorities on a breach of 163; discussions on +852 2252 1401

the GPIF.

• A large majority of clients were positive on INR (against our view) and mainly because

of FCNR(B) inflows.

• A majority of clients were positive on KRW (we are negative) and were looking at the

potential near-term FX repatriation flows into Korea.

• In line with our views, the consensus was positive on CNH and negative on IDR.

• On Asia rates, there were mixed views on the direction of outright Korea rates into

Thursday’s BOK meeting, but a majority have a flattener bias.

• In both India and China rates, investors are positive on bonds but mixed on swaps.

We met both real money and hedge funds last week (6 to 10 July) to discuss global FX

and Asia rates.

We highlight a few key topics discussed including:

1. There was no disagreement with our near-term view of the USD holding steady.

This view is supported by the relatively hawkish June FOMC, the still relatively strong

US macro story, the recent pick up in foreign equity inflows into the US and a re-

escalation of the US-Iran war (since 8 July). We are also watchful of the upcoming

(released on 14 July) US June CPI report. Despite these factors, we highlighted that