G10 FX Daily Report - 21st July 2026. Tue Jul 21 2026

Research evidence excerpt

G10 FX Daily Report - 21st July 2026. Tue Jul 21 2026

Laoise Ni Thighearnaigh AC Sales & Trading J P M O R G A N

laoise.nithighearnaigh@jpmorgan.com G10 FX Daily Report - 21st July

JPMorgan Chase Bank N.A, London Branch 2026

21 July 2026

JPY Japanese markets back open and JGBs a little softer in sympathy with global fixed income, only

real news was that of the GPIF investing a modest amount (JPY20bn) in domestic private

equity. Not sure there is too much to take from this – some could make the point that this is what

the Government is talking about but I believe Takaichi can only be talking about reallocation

when she calls it a ‘key initiative’ of her new plan. Keeping longs in JPY here and trying to trade

the cross JPY portion a little more actively as it continues to trade as a USD proxy. Should we

get sustained price action through 163 without reaction from the authorities I will reduce the

USDJPY cash element but maintain downside.

CHF Not much to add in CHF, especially whilst the market remains caught between risk on versus

escalations in the Middle East. We remain bearish and like buying dips towards 0.8050 in

USDCHF, however have little view on the dollar currently so have crossed up with short

USDJPY. Looking for a move back lower in CHFJPY through 200, although expecting this

more from the yen side of the equation. Flow remains mixed with RM quiet, and HFs still taking

back CHF shorts.

CAD In the past 24h, Canada’s CPI printed on the soft side, supporting the BoC’s on-hold status, and

Trump imposed 50% tariffs on some Canadian goods. I wrote yesterday that we were waiting to

see more deleveraging/a deeper dip in USDCAD before re-engaging, although fresh catalysts

prompted us to sell the Loonie this morning. The dollar outlook remains pretty murky in the