G10 FX

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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 29 June 2026

EUR Little of inspiration today really, price action Friday overall quite random and into the month

end zone for the next couple of sessions. Had felt we were a little stretched given moves in

yields/oil and with our positioning monitor out over the weekend highlighting demand for dollar

topside being the largest in a week for two years I don’t think much of a surprise to see us

consolidate a touch. Having said that in a new era of no guidance and therefore a market which

can run away with its imagination a strong payrolls print on Thursday can certainly reignite

further extensions here, so if anything having moved more neutral last week looking for areas to

add back dollar length again into the print. Aside from the labour market, this week’s ECB

Sintra conference will be in focus with central bank policy questions everywhere, Warsh is

making an appearance too although am sure he won’t want to give much away.

Dipped toe back in to euro shorts on Friday as we got into the lower end of the first resistance

zone, looking to add a bit more towards 1.1450, and still running usdchf longs via options. On

the other side have some pound length which survived a strange fast money battering on Friday

out of nowhere, if we get closer to 1.33 and if Burnham’s speeches can avoid any fireworks will

look to take the tactical long off. In EM sticking with zar and huf longs which have seemingly

overcome the worst of the moves for now.

The Sintra conference will help determine the extent of ECB hawkishness as we head towards

the July meeting although for now the dogs appear to have been called off until September.