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1、BNP RAR1BASTlie tMUikjbr a changing world17 June 2019J360Strategy & EconomicsBNP PARIBAS STEER 羽I nRAI%MACRO QUANT STRATEGY | G10 FXUSDMXN short term value (FV=19.3437)EURUSD short term value (FV=1.1240)20-Mar-201920-Apr-201920-May-2019STEEREURUSDBNP Paribas STEER Model - Trading SignalsEntry Date P
2、osition Entry Rate Target Stop Loss Close Rate Return (%)Signals Updated TodayNew Signals17-Jun-19 LONG USDMXN 19.148719.258619.0938-0.00Closed SignalsExisting SignalsRecently Closed Signals04-Jun-19LONG USDILS3.6089-3.5984 (05-Jun-19)-0.2905-Jun-19LONG USDKRW1178.25-1181.40 (07-Jun-19)0.2706-Jun-19
3、LONG USDCLP691.75-689.84 (06-Jun-19)-0.2831-May-19LONG AUDUSD0.6916-0.6914 (13-Jun-19)-0.0310-Jun-19SHORT USDIDR14306.00-14359.00 (12-Jun-19)-0.37Notes: STEER signals long USDMXN. USDMXN spot had been appearing rich versus fair value in early June. However, STEER signals the subsequent strengthening
4、 of the MXN has gone too far and now triggers a long USDMXN signal. There are currently no other STEER trading signals - most G10 and EM pairs are currently trading within their fair-value bands. EURUSD is trading at fair value. The fair value for most USDLATAM pairs has been falling in recent weeks
5、, as a result of good performance in local equities and improving CDS spreads.See MAR disclosures here.Michael Snevd, CFA. Head of Macro Quantitative & Derivatives Strategy | Alex Jekov, FX Strategist | Kris Gjini, Macro Quant Strategist | Benedict? Lowe, Cross Asset Strategist | BNP Paribas London
6、Branch、Please refer to important information at the end of the report | All sources: BNP Paribas, BloombergMARKETS【360STRATEGY CONTACTSSTRATEGISTJOB TITLELEGAL ENTITYPHONEMichael Sneyd, CFAHead of Macro Quantitative & Derivatives StrategyBNP Paribas London branch44 20 7595 1307Sam Lynton-Brown, CFAH
7、ead of G10 FX Strategy, EuropeBNP Paribas London branch44 20 7595 8467Parisha SaimbiG10 FX and Sterling Rates StrategistBNP Paribas London branch44 20 75958351Alex JekovFX StrategistBNP Paribas London branch44 20 7595 4185Daniel Katzive, CFAHead of FX Strategy North AmericaBNP Paribas Securities Cor
8、p (New York)1 212 841 2408Vasilis KoutsaftisFX Options StrategistBNP Paribas Securities Corp (New York)1 212 471 7973Altaz DaghaAPAC IR StrategistBNP Paribas Singapore Branch65 6210 4994Dawn KwaAsia FX & IR StrategistBNP Paribas Singapore Branch65 6210 3263Tianhe JiChina StrategistBNP Paribas China
9、Limited (Beijing)86 10 6535 0836Gabriel GerszteinHead of Global Emerging Markets StrategyBanco BNP Paribas Brasil S.A. (Sao Paulo)55 11 3841 3421Samuel CastroFX & IR Latam StrategistBanco BNP Paribas Brasil S.A. (Sao Paulo)55 11 3841 3492Luca MaiaFX & IR Latam StrategistBanco BNP Paribas Brasil S.A.
10、 (Sao Paulo)55 11 3841 3447Andre DigiacomoFX & IR Latam StrategistBanco BNP Paribas Brasil S.A. (Sao Paulo)55 11 3841 3445Kris GjiniMacro Quantitative StrategistBNP Paribas London branch44 20 7595 1603Benedicte LoweCross Asset StrategistBNP Paribas London branch44 20 7595 1993EDITORIALLOCATIONLEGAL
11、ENTITYPHONEAmanda Grantham-HillAnna McLauchlinVarghese JosephLondonLondonNew YorkBNP Paribas London branchBNP Paribas London branchBNP Paribas Securities Corp (New York)44 20 7595 410744 20 7595 37541 212 841 3698OnlineBNP Paribas Global Markets WebsiteBNP Paribas Strategy NebsXeBloombergBNP Paribas
12、 research RES / BNP17 June 2019All sources: BNP Paribas, BloombergMARKETSl360Legal NoticeThis document has been written by our Strategist and Economist teams within the BNP Paribas group of companies (collectively uBNPPn); it does not purport to be an exhaustive analysis, and may be subject to confl
13、icts of interest resulting from their interaction with sales and trading which could affect the objectivity of this report. This document is non-independent research for the purpose of the UK Financial Conduct Authority rules. For the purposes of the recast Markets in Financial Instruments Directive
14、 (2014/65/EU) (MiFID II), non-independent research constitutes a marketing communication. This document is not investment research for the purposes of MiFID II. It has not been prepared in accordance with legal requirements designed to provide the independence of investment research, and is not subj
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