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1、Thisdocumenthasbeenproducedby:BNPParibasLondonBranchMichaelSneyd,CFA,GlobalHeadofFXStrategy&Cross-AssetStrategistNatalieRickard,FXStrategistAlexJekov,GraduateKrisGjini,GraduateUSDSGDshorttermvalue(FV=1.3481)EURUSDshorttermvalue(FV=1.1880)1.381.371.361.351.341.331.321.31
2、1.301.2925-Apr-201825-May-201825-Jun-2018STEERUSDSGD1.251.231.211.191.171.151.1325-Apr-201825-May-201825-Jun-2018STEEREURUSDBNPParibasSTEER™Model-TradingSignalsEntryDatePositionEntryRateTargetStopLossCloseRateReturn(%)SignalsUpdatedTodayNewSignals23-Jul-18SHORTUSDSGD1.3
3、6171.35331.3659-0.00ClosedSignals19-Jul-18SHORTUSDBRL3.8681--3.8191(20-Jul-18)1.27ExistingSignals18-Jul-18LONGEURUSD1.16311.18801.1492-0.8720-Jul-18SHORTEURSEK10.378610.226010.4665--0.03RecentlyClosedSignals18-Jul-18SHORTUSDZAR13.3065--13.3755(19-Jul-18)-0.5219-Jul-18SHO
4、RTUSDILS3.6429--3.6551(19-Jul-18)-0.3312-Jul-18SHORTUSDTHB33.2850--33.3795(20-Jul-18)-0.28Notes:·STEER™ishighlightingacrossEMFXthatmanycurrencieshavenotappreciatedagainsttheUSDaswouldbeexpectedgiventhemorepositivesentimentpricedintoEMequitiesandCDS.Forexample,USDSGD,USDT
5、WD,USDTHB,USDIDR,USDINR,USDKRW,USDMYR,USDZARandUSDCLParetradingsignificantlyabovetheirfair-values.InG10,AUDandNZDarealsotradingcheapvstheUSDfollowingtheimprovementinrisksentiment.·Outofthesecurrencies,STEER’stradingstrategyhashighestconvictioninUSDSGD,withashortsignaltri
6、ggeredthismorning.STEERindicatesthattorecentoutperformanceofSingaporeanequitiessignalsUSDSGDshouldtradelower.·STEERremainslongEURUSDtargeting1.1880.EURUSDhasconvergedtowardsfair-valuesincethesignalwasinitiated,thepairisnow-1z-scoresundervalued,andthemodelindicatesthereis
7、scopeforfurtherappreciation.STEERremainsshortEURSEK.·STEERtakesaprofitof1.27%onitsshortUSDBRLsignal.Thepairisnowtradingwithinits+/-1.5z-scorecorridor.SeeMARdisclosureshere.Pleaserefertoimportantinformationattheendofthereportwww.GlobalMarkets.bnpparibas.comBNPParibasSTEER
8、™Model–G10Deviationfromshort-termvalue(z-score)223July2018www.GlobalMarkets.bnpparibas.com2.52.01.51.00
