FX Strategy 26 Sept 2016 PvB - Standard Chartered · 26-09-2016 · In terms of currencies, we...

This commentary reflects the views of the Wealth Management Group of Standard Chartered Bank. Important disclosures can be found in the Disclosures Appendix. This document is provided for general circulation and information purposes only, it does not take into account the specific investment objectives, needs or financial

situation of any particular person or class of persons and it has not been prepared as investment advice for such person(s). ‘Person’ includes a corporation, co-operative society, trade union, sole proprietorship, partnership, limited liability partnership and any other business entity. Prospective investors should seek advice

from a financial adviser on the suitability of an investment, taking into account these factors before making a commitment to invest in an investment.

1

fx strategy fx | 26 September 2016 This reflects the views of the Wealth Management Group

Can low volatility last into the year end? Markets could once again start favouring high-yielding and Emerging Market assets following the sharp pullback in volatility after no change

from the Fed and policy adjustment by the BoJ. However, we are a bit more cautious going into year-end as two risks, namely US elections and a Q4 Fed rate hike, appear to be underpriced, in our view.

In terms of currencies, we believe the USD/JPY downtrend has largely been exhausted and look for a consolidation in the 100-104 range. We are not confident in taking long positions on the AUD and NZD at these levels and prefer to sell on strength. We are medium-term constructive on gold, but would look for better levels around 1,300 for entry.

A number of important US data points (ISM manufacturing, housing, consumer confidence) and speeches by FOMC officials this week are likely to be closely followed given the Fed’s data-dependency. Euro area and Japan inflation are also likely to be key.

Pairs Outlook (2-4 wk) Summary comments Support 2 Support 1 Spot Resistance 1 Resistance 2EUR/USD Neutral Sideways consolidation, 1.114-1.137 breach now key 1.105 1.114 1.124 1.137 1.142USD/JPY Bullish Downside limited below 100, risk-reward favours long positions 99.00 100.00 100.75 104.00 107.50AUD/USD Neutral Bearish bias developing, but break below 0.75 key 0.715 0.744 0.762 0.776 0.784USD/SGD Bullish Price action still modestly constructive for USD/SGD upside 1.344 1.353 1.359 1.370 1.384GBP/USD Neutral Bearish technicals but post Brexit low at 1.280 now key 1.250 1.280 1.299 1.315 1.340XAU/USD Neutral Looking to buy at better entry levels around 1300 1250 1300 1337 1350 1375NZD/USD Neutral Divergence in technicals increasing risk-of a pull-back 0.711 0.723 0.724 0.737 0.749EUR/GBP Bearish Potential head-and-shoulders technical pattern could imply downturn 0.833 0.850 0.865 0.873 0.882USD/CNH Neutral Consolidation likely to extend, break above 6.700 needed 6.588 6.642 6.681 6.700 6.762USD/CHF Neutral Consolidation to continue, SNB to limit significant CHF appreciation 0.950 0.965 0.969 0.980 1.000USD/CAD Neutral Range-bound between 1.280-1.332, break needed for trend 1.280 1.300 1.316 1.328 1.346AUD/NZD Bullish Bullish reversal from support suggests further upside 1.060 1.031 1.054 1.053 1.075

Darker shade indicates more important technical levels

26 September 2016 | fx strategy

This commentary reflects the views of the Wealth Management Group of Standard Chartered Bank. 2

Contents Can low volatility last into the year end? 1 12 month outlook 3 2-4 week outlook 3 FX trade ideas 3 Week in Review 4 EUR/USD 5 USD/JPY 6 AUD/USD 7 USD/SGD 8 GBP/USD 9 XAU/USD 10 NZD/USD 11 Interest Rate Differentials 15 FX Implied Volatility 16 Consensus forecasts 17 Disclosure Appendix 19

Steve Brice Chief Investment Strategist Rajat Bhattacharya Investment Strategist

Clive McDonnell Head, Equity Investment Strategy Victor Teo, CFA Investment Strategist

Manpreet Gill Head, FICC Investment Strategy Tariq Ali, CFA Investment Strategist

Adi Monappa, CFA Head, Asset Allocation & Portfolio Solutions Abhilash Narayan Investment Strategist

Audrey Goh, CFA Director, Asset Allocation & Portfolio Solutions Tu-Vi Nguyen Investment Strategist

Arun Kelshiker, CFA Executive Director, Asset Allocation & Portfolio Solutions

Trang Nguyen Analyst, Asset Allocation & Portfolio Solutions



12 month outlook 2-4 week outlook

Pairs Outlook (2-4 wk) EUR/USD Neutral USD/JPY Bullish AUD/USD Neutral USD/SGD Bullish GBP/USD Neutral XAU/USD Neutral NZD/USD Neutral EUR/GBP Bearish USD/CNH Neutral USD/CHF Neutral USD/CAD Neutral AUD/NZD Bullish

FX trade ideas

Initiation date Pairs Position Entry price

Current price Target Stop

26/8/2016 AUD/NZD Long 1.035 105.40 1.120 1.000

2/9/2016 USD/JPY Long 103.3 100.75 105.0 99.50

23/9/2016 EUR/GBP Short 0.858 0.865 0.805 0.8825Please see the corresponding FX trade note for more details on each trade idea

Currency 12 month

EUR

JPY

GBP

AUD

NZD

CAD

CHF

CNY

TWD

KRW

SGD

MYR

IDR

INR

THB

PHP

Bullish Neutral Bearish

Please see the latest Global Market Outlook for more details Source: Bloomberg, Standard Chartered



Week in Review

Weekly performance of core pairs 16 Sep 2016 to 23 Sept 2016

Weekly performance of supplementary pairs 16 Sep 2016 to 23 Sept 2016

Source: Bloomberg, Standard Chartered

Pairs Week in Review

EUR/USD EUR/USD ended up (0.64%). The Fed’s decision to keep its monetary policy unchanged likely caused the USD to weaken across the board which supported the EUR. Euro area services PMI was slightly weaker than expectations.

USD/JPY USD/JPY ended down (-1.24%). The JPY was likely supported by the BoJ’s refusal to cut rates further into negative territory or increase asset purchases, which market participants likely saw as a limitation in BoJ policy options.

AUD/USD AUD/USD ended up (1.76%). The AUD rose following a collapse in volatility after an upbeat speech on the economy by newly appointed RBA Governor Philip Lowe.

USD/SGD USD/SGD ended down (-0.66%). The SGD rose as US Fed policy took a dovish tilt with the Fed revising lower its interest rate expectations. This likely improved the outlook for Asian currencies and risk-sentiment.

GBP/USD GBP/USD was down (-0.28%). UK Foreign Secretary Boris Johnson hinted at a potential timeline for post Brexit negotiations. Earlier in the week, the GBP received some support after BoE policymaker Kristin Forbes downplayed the need for further easing.

XAU/USD XAU/USD was up (2.08%). Gold rose, largely in line with the weaker USD and BoJ policy decision to cap upside in long-term yields.

NZD/USD NZD/USD was down (-0.33%). The RBNZ’s dovish rhetoric likely offset the Fed’s inaction, rising dairy prices and a collapse in volatility.

-0.33%

2.08%

-0.28%

-0.66%

1.76%

-1.24%

0.64%

-2.00% -0.50% 1.00% 2.50%

NZD/USD

XAU/USD

GBP/USD

USD/SGD

AUD/USD

USD/JPY

EUR/USD

%

2.14%

-0.30%

-1.02%

0.39%

0.93%

-1.50% -0.50% 0.50% 1.50% 2.50% 3.50%

AUD/NZD

USD/CAD

USD/CHF

USD/CNH

EUR/GBP

%



EUR/USD We remain neutral as the pair remains in a narrowing sideways consolidation range.

Neutral Key technical indicators*

Technical Indicator Action

RSI (14) Neutral

Oscillator (5,10) Neutral

MACD (12,26,9) Neutral

ADX (14) Neutral

Momentum (14) Sell Key Levels Level Importance

Resistance 2 1.142 MediumResistance 1 1.137 HighSpot 1.124 –Support 1 1.114 MediumSupport 2 1.105 Medium

Key Signposts

Draghi speech Sep 26Euro area CPI inflation Sep 30

* Please see Appendix for explanation on technical Source: Bloomberg, Standard Chartered

Fundamental Overview The EUR has been trading sideways as risks appear to be balanced. Without the market

pricing-in better odds of a 2016 Fed rate-hike, we do not see the EUR falling significantly. Similarly, with weaker Euro data recently, depressed inflation expectations, upside in the EUR appears to be largely contained. Initial estimates of CPI inflation this week should be a key, though a significant upside surprise is needed for EUR strength.

Technical Analysis The EUR/USD appears to be in the middle of a narrowing consolidation, with a break needed

on either side for the sustained move. On the downside, the Jun ‘16 support line and key moving averages suggest limited downside. On the upside, the downtrend line from the May 2016 high has been respected thus far, with a breach of 1.137 needed for sustained upside.

Sideways consolidation, 1.114-1.137 breach now key


1.114

1.137

1.05

1.08

1.11

1.14

1.17

Sep-15 Nov-15 Dec-15 Feb-16 Mar-16 May-16 Jun-16 Aug-16 Sep-16

EUR

/USD

EUR/USD 50DMA 100DMA 200DMA



USD/JPY We turn bullish (from neutral) as risk-reward argues for gains ahead of key support at 100.

Bullish Key technical indicators*


RSI (14) Neutral

Oscillator (5,10) Sell

MACD (12,26,9) Sell

ADX (14) Neutral

Momentum (14) Neutral Key Levels Level Importance

Resistance 2 107.50 MediumResistance 1 104.00 HighSpot 100.75 –Support 1 100.00 HighSupport 2 99.00 Medium

Key Signposts

Kuroda speech Sep 29Japan CPI inflation Sep 29


Fundamental Overview Recent BoJ policy action may not have been a decisive catalyst for JPY weakness. However

with the BoJ re-iterating a 2% inflation target while effectively capping the 10-year bond yield, we believe these are potent enough to limit JPY downside for now. Real-interest rates have been a major driver of the JPY recently. With rates capped, this week’s CPI inflation data will be key to watch.

Technical Analysis With another move towards key psychological support of 100 rejected, price action has

increasingly turned range-bound, from the downtrend earlier. From a firm base here, there is a possibility of a bounce towards the upper end of this consolidation towards 104. Only a breach of 99 (post-Brexit) low will confirm the downtrend remains intact for now.

Downside limited below 100, risk-reward favours long positions


100.00

104.00

9598

101104107110113116119122125128


USD

/JPY

USD/JPY 50DMA 100DMA 200DMA



AUD/USD We remain neutral given the lack of a clear technical break.



RSI (14) Neutral

Oscillator (5,10) Buy

MACD (12,26,9) Sell

ADX (14) Neutral


Resistance 2 0.784 HighResistance 1 0.776 MediumSpot 0.762Support 1 0.744 HighSupport 2 0.715 Medium

Key Signposts

China manufacturing PMI Sep 30


Fundamental Overview A fall in financial market volatility after last week’s key policy decisions is AUD supportive. In

the weeks ahead, RBA policy under the new governor as well as outlook for iron-ore price is likely to be key for the currency. We believe only a substantial deterioration in risk sentiment, a decline in commodity prices or additional RBA rate cuts could drive AUD lower.

Technical Analysis Failure to extend the rebound above the 0.776 resistance largely retains the bearish bias in

the pair. The potentially bearish engulfing-pattern formation looks could open up a deeper corrective phase. On the downside, 0.744 is the next major support region which includes the 200DMA and the uptrend line from the January low.

Bearish bias developing, but break below 0.750 key


0.744

0.776

0.68

0.71

0.74

0.77

0.80

0.83


AUD

/USD

AUD/USD 50DMA 100DMA 200DMA



USD/SGD We turn bullish (from neutral) as price action largely remains constructive following the Fed.

Bullish Key technical indicators*


RSI (14) Buy


MACD (12,26,9) Buy

ADX (14) Neutral

Momentum (14) Buy Key Levels Level Importance

Resistance 2 1.384 HighResistance 1 1.370 HighSpot 1.359 –Support 1 1.353 HighSupport 2 1.344 Medium

Key Signposts

No major data releases


Fundamental Overview The USD’s softer tone following Fed policy meeting, in conjunction with a constructive

environment for risk-assets, is likely to limit any SGD weakness. However, given our outlook for a 2016 rate hike, we believe any near-term SGD gains could also be limited. The MAS policy statement in October could also pose downside risks for the currency.

Technical Analysis Despite the recent correction, a modest upside bias remains intact in the USD/SGD. The pair

has established a strong base in the 1.33-34 region and is potentially forming a rounded-basing pattern from which a deeper rally can ensue. From here, a bullish break of 1.370 (200DMA) would be key for conformation.

Price action still modestly constructive for USD/SGD upside


1.353

1.370

1.32

1.34

1.36

1.38

1.40

1.42

1.44

1.46


USD

/SG

D

USD/SGD 50DMA 100DMA 200DMA



GBP/USD We remain neutral. A break below post-Brexit low could initiate a new downtrend.



RSI (14) Sell


MACD (12,26,9) Sell

ADX (14) Neutral


Resistance 2 1.340 HighResistance 1 1.315 MediumSpot 1.299 –Support 1 1.280 HighSupport 2 1.250 High

Key Signposts

UK 2Q GDP (final release)

Sep 30

UK current account balance

Sep 30


Fundamental Overview Post-Brexit economic data has generally remained resilient, keeping GBP downside limited.

However, indications of more sustained improvement in the UK economy as well as more hawkish BoE guidance is likely needed to signal a reversal in the medium-term downtrend. For now, GBP could remain range-bound until some of these risks come to the forefront.

Technical Analysis The bearish reversal in the GBP has now opened up further downside possibilities. For now,

the post-Brexit low of 1.2798 is key to watch, a break below which could open the more downside towards 1.250. Alternatively, the GBP could remain in a broad sideways consolidation. On the topside the 50DMA at 1.315 is likely to act as resistance.

Bearish technicals but post Brexit low at 1.280 now key


1.2801.315

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60


GB

P/U

SD

GBP/USD 50DMA 100DMA 200DMA



XAU/USD We turn neutral (from bullish), awaiting more attractive entry levels.

Neutral Key technical indicators and forecast*


RSI (14) Neutral

Oscillator (5,10) Buy

MACD (12,26,9) Buy

ADX (14) Neutral


Resistance 2 1375 HighResistance 1 1350 MediumSpot 1337 –Support 1 1300 HighSupport 2 1250 Medium

Key Signposts

Euro area CPI inflation Sep 30Japan CPI inflation Sep 29


Fundamental Overview The recent scaling back in Fed rate hike expectations and BoJ’s policy action limiting upside

in long-term yields is generally positive for gold. The key here is inflation expectations; a continued fall would be gold negative while an upside surprise is likely to be positive. We continue to look for buying opportunities on corrections.

Technical Analysis While the overall setup still remains bullish above 1,300 (100DMA and Dec 2015 uptrend

line), the inability to break higher above 1,350 suggests some potential for consolidation. Moreover the downward-slopping trend line from the recent June high also suggests a lack of interest in gold at higher levels. We look for a break above 1,350 or a fall below 1,300.

Looking to buy at better entry levels around 1,300


1,300

1,350

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400


XAU

/USD

XAU/USD 50DMA 100DMA 200DMA



NZD/USD We remain neutral as medium-term risks warrant caution, despite constructive technicals.

Neutral Key technical indicators and forecast*


RSI (14) Neutral

Oscillator (5,10) Neutral

MACD (12,26,9) Sell

ADX (14) Buy

Momentum (14) Buy Key Levels Level Importance

Resistance 2 0.749 MediumResistance 1 0.737 HighSpot 0.724 –Support 1 0.723 MediumSupport 2 0.711 Medium

Key Signposts

China manufacturing PMI Sep 30


Fundamental Overview The NZD has benefitted lately from high local bond yields, a surge in dairy prices, upside

surprises to New Zealand data and a weak USD. We see most of these factors waning, limiting further NZD gains. Moreover, the unusually low volatility over the summer months may not last through to year end amid US election and Fed rate hike risks.

Technical Analysis The failure to achieve a new high limits potential for an uptrend. A break below the 50DMA at

0.723 is still needed for a more pronounced downturn. The divergence in momentum indicators are, however, arguing for a potential trend reversal from here.

Divergence in technicals increasing risk-of a pull-back


0.723

0.737

0.60

0.65

0.70

0.75

0.80


NZD

/USD

NZD/USD 50DMA 100DMA 200DMA



SUPPLEMENTARY PAIRS

Potential head-and-shoulders technical pattern could imply downturn View

Bearish

We turn bearish (from neutral). A potential head-and-shoulders technical pattern formation. Near-term GBP risks might be priced-in.

A break above 0.873 needed for a confirmation of renewed uptrend.

Consolidation likely to extend, break above 6.700 needed View

Neutral

We turn neutral. Failure to breach 6.700 implies some consolidation for now.

We believe policymakers will continue to favour a weakening CNY, though further USD strength could be a key catalyst.


0.850

0.873

0.680.700.720.740.760.780.800.820.840.860.880.90


EUR

GB

P

EUR/GBP 50DMA 100DMA 200DMA

6.642

6.700

6.1

6.2

6.3

6.4

6.5

6.6

6.7

6.8


USD

/CN

H

USD/CNH 50DMA 100DMA 200DMA



SUPPLEMENTARY PAIRS (cont’d)

Consolidation to continue, SNB to limit significant CHF appreciation View

Neutral

We expect continued sideways movements around a broad 0.95-1.00 range.

The soft-peg to the EUR and SNB intervention to limit currency strength is likely to persist.

Range-bound within 1.280-1.325, break needed for trend View

Neutral

Near-term consolidation likely to continue. Price action remains largely sideways.

A break below 1.280 is needed for a renewed bear-trend while 1.328 is key resistance limiting upside.


0.965

0.980

0.93

0.96

0.99

1.02


USD

/CH

F

USD/CHF 50DMA 100DMA 200DMA

1.328

1.300

1.22

1.27

1.32

1.37

1.42

1.47


USD

/CAD

USD/CAD 50DMA 100DMA 200DMA



SUPPLEMENTARY PAIRS (cont’d)

Bullish reversal from support suggests further upside View

Bullish

We turn bullish (from neutral). A bullish technical reversal from the 1.030 support region, suggests potential to extend. 1.053 is a key hurdle to clear.

We do not believe NZD outperformance over AUD is sustainable over the medium-term. In our view, levels close to parity remain key entry levels.


1.031

1.053

1.00

1.05

1.10

1.15


AUD

/NZD

AUD/NZD 50DMA 100DMA 200DMA



Interest Rate Differentials

EUR/USD USD/JPY AUD/USD

GBP/USD NZD/USD USD/CAD


1.0

1.1

1.2

1.3

1.4

-1.50

-1.30

-1.10

-0.90

-0.70

-0.50

-0.30

-0.10

Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16EU

R/U

SD

%

EUR-USD 2 year interest rate differentialEUR/USD (RHS)

85

95

105

115

125

135

0.100.250.400.550.700.851.001.151.301.45

Sep-13 Jun-14 Mar-15 Dec-15 Sep-16

USD

/JPY

%

USD-JPY 2 year interest rate differntial (RHS)USD/JPY

0.6

0.7

0.8

0.9

1.0

0.0

1.0

2.0

3.0


AU

D/U

SD

%

AUD-USD 2 year interest rate differntial (RHS)AUD/USD (RHS)

1.28

1.38

1.48

1.58

1.68

-1.0

-0.5

0.0

0.5

1.0


GB

P/U

SD

%

GBP-USD 2 year interest rate differntial (RHS)GBP/USD (RHS)

0.62

0.72

0.82

0.92

0.5

1.5

2.5

3.5

4.5


NZD

/USD

%

NZD-USD 2 year interest rate differntial (RHS)NZD/USD (RHS)

0.9

1.1

1.3

1.5

-1.3

-0.8

-0.3

0.3

0.8


USD

/CA

D

%

USD-CAD 2 year interest rate differntial (RHS)USD/CAD (RHS)



FX Implied Volatility

EUR/USD USD/JPY AUD/USD

GBP/USD NZD/USD USD/CAD


3.5

5.5

7.5

9.5

11.5

13.5

15.5


%

EUR 1M implied vol

3

5

7

9

11

13

15

17


%

JPY 1M implied vol

4

6

8

10

12

14

16

18


%

AUD 1M implied vol

3

8

13

18

23

28

33

Sep-13 Sep-14 Sep-15 Sep-16

%

GBP 1M implied vol

4

6

8

10

12

14

16

18


%

NZD 1M implied vol

3

5

7

9

11

13

15


%

CAD 1M implied vol



Consensus forecasts

Consensus Forecasts Spot Q3 2016 Q4 2016 Q1 2017 Q2 2017

EUR/USD 1.12 1.10 1.10 1.09 1.09

USD/JPY 100.75 103.00 103.50 104.00 105.00

AUD/USD 0.76 0.74 0.74 0.73 0.73

NZD/USD 0.72 0.70 0.70 0.70 0.69

USD/SGD 1.36 1.37 1.38 1.39 1.39

GBP/USD 1.30 1.28 1.28 1.28 1.28

USD/CAD 1.32 1.31 1.32 1.32 1.31

USD/CHF 0.97 0.98 0.99 1.00 1.01




TECHNICAL INDICATORS – EXPLANATORY APPENDIX

RSI (Relative Strength Index) – The RSI indicators can be used to describe the speed at which prices move over a given time period. An RSI above 70 can indicate a currency pair is overbought while an RSI below 30 can indicate the pair is oversold.

Stochastic Oscillator – The Stochastic Oscillator compares where a security's price closed relative to its trading range over a given time period. The security or index is generally considered oversold when the Oscillator falls to 20%, while a reading of 80% is considered overbought.

MACD (The Moving Average Convergence/Divergence) – This indicator shows the relationship between two moving averages of prices. A bearish signal is provided when the main moving average line drops below the second moving average line, and vice versa.

ADX (Average Directional Index) – This indicator quantifies a trend's strength regardless of whether it is up or down. An index rising above zero provides a bullish signal while an index falling below zero provides a bearish signal.

Momentum Indicator – The momentum of a security is the ratio of today's price compared to the price at a given point in the past. If the security's price is higher today, the momentum indicator will be considered strong. If the security's price is lower today, the momentum Indicator will be weak.


19

Disclosure Appendix This document is not research material and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This document does not necessarily represent the views of every function within Standard Chartered Bank, (“SCB”) particularly those of the Global Research function. Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference Number ZC18. The Principal Office of the Company is situated in England at 1 Basinghall Avenue, London, EC2V 5DD Standard Chartered Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. United Kingdom: Standard Chartered Bank (trading as Standard Chartered Private Bank) is an authorised financial services provider (licence number 45747) in terms of the South African Financial Advisory and Intermediary Services Act, 2002 In Dubai International Financial Centre (“DIFC”), the attached material is circulated by Standard Chartered Bank DIFC on behalf of the product and/or Issuer. Standard Chartered Bank DIFC is regulated by the Dubai Financial Services Authority (DFSA) and is authorised to provide financial products and services to persons who meet the qualifying criteria of a Professional Client under the DFSA rules. The protection and compensation rights that may generally be available to retail customers in the DIFC or other jurisdictions will not be afforded to Professional Clients in the DIFC. Banking activities may be carried out internationally by different Standard Chartered Bank branches, subsidiaries and affiliates (collectively “SCB”) according to local regulatory requirements. With respect to any jurisdiction in which there is a SCB entity, this document is distributed in such jurisdiction by, and is attributable to, such local SCB entity. Recipients in any jurisdiction should contact the local SCB entity in relation to any matters arising from, or in connection with, this document. Not all products and services are provided by all SCB entities. This document is being distributed for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This document is for general evaluation only, it does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons. Opinions, projections and estimates are solely those of SCB at the date of this document and subject to change without notice. Past performance is not indicative of future results and no representation or warranty is made regarding future performance. Any forecast contained herein as to likely future movements in rates or prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in rates or prices or actual future events or occurrences (as the case may be). This document has not and will not be registered as a prospectus in any jurisdiction and it is not authorised by any regulatory authority under any regulations.


20

SCB makes no representation or warranty of any kind, express, implied or statutory regarding, but not limited to, the accuracy of this document or the completeness of any information contained or referred to in this document. This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. SCB accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this document, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of the document or any part thereof or any contents. SCB, and/or a connected company, may at any time, to the extent permitted by applicable law and/or regulation, be long or short any securities, currencies or financial instruments referred to on this document or have a material interest in any such securities or related investment, or may be the only market maker in relation to such investments, or provide, or have provided advice, investment banking or other services, to issuers of such investments. Accordingly, SCB, its affiliates and/or subsidiaries may have a conflict of interest that could affect the objectivity of this document. This document must not be forwarded or otherwise made available to any other person without the express written consent of SCB. Copyright: Standard Chartered Bank 2016. Copyright in all materials, text, articles and information contained herein is the property of, and may only be reproduced with permission of an authorised signatory of, Standard Chartered Bank. Copyright in materials created by third parties and the rights under copyright of such parties are hereby acknowledged. Copyright in all other materials not belonging to third parties and copyright in these materials as a compilation vests and shall remain at all times copyright of Standard Chartered Bank and should not be reproduced or used except for business purposes on behalf of Standard Chartered Bank or save with the express prior written consent of an authorised signatory of Standard Chartered Bank. All rights reserved. © Standard Chartered Bank 2016.

THIS IS NOT A RESEARCH REPORT AND HAS NOT BEEN PRODUCED BY A RESEARCH UNIT.

FX Strategy 26 Sept 2016 PvB - Standard Chartered · 26-09-2016 · In terms of currencies, we...

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