G10 FX

研报英文原文证据摘录

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 07 July 2026

EUR Maybe the lack of sleep post England match but yesterday felt like a proper Summertime

market, and as I said this week does not appear to have many catalysts as we consolidate pre US

CPI next week, potentially the Fed minutes may give more insight but that is about it.

Don’t feel like being short dollars here despite the scale of the move in recent weeks, so more

neutral with chf funded carry/growth trades the favorite here still, portfolio unchanged from

yesterday.

Have moved from bearish to neutral in euro myself for reasons outlined in yesterday’s piece, not

necessarily feeling like things should dramatically turn around here but the market is pessimistic

about the region and these are things that in my mind should at least cushion the currency given

the recent moves lower at a minimum. Tight ranges and lack of appetite from the franchise

overall doesn’t suggest people will be rushing to add risk in euro today either.

JPY Attention is still on JPY after the notable reversal it’s had since Thursday, with the desk seeing

significant supply of the JPY by both RM and Systematic accounts yesterday which saw

USDJPY move back to recent highs. The currency is trading marginally better this morning, but

we still think intervention risk remains high at these levels, so we continue to run modest JPY

longs in the hope of some action—although the fatigue is getting real.

CHF Not a huge amount to latch onto yesterday as FX is in a holding pattern ahead of data next week.

The dollar recovered some of the losses seen post NFP taking USDCHF above 0.8070, although

came off the highs once London left.