Societe Generale
Institutional, Societe Generale
Fed path shaped by firm inflation – Societe Generale
Societe Generale’s Jan Groen reviews August US inflation and growth data, highlighting that Core PCE came in softer than expected but underlying price pressures in services remain firm. Benchmark revisions lowered measured inflation but still show it above levels consistent with the Federal Reserve’s target. Stronger consumption and GDP revisions suggest the US economy entered […]
by Currency Hedger
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- 3 days ago
Institutional, Societe Generale
South Korean Won: Export strength supports KRW – Societe Generale
Societe Generale notes the Korean Won has been one of Asia’s standout performers, with USD/KRW slipping from around 1,390 to 1,360 as local exporters sold Dollars ahead of the Chuseok holiday. The bank highlights a supportive backdrop, citing South Korea’s strong export engine and a sharp early-September surge in exports, driven by AI-related shipments alongside […]
by Currency Hedger
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- 1 week ago
Institutional, Societe Generale
Chinese Yuan: PBoC keeps yuan broadly stable – Societe Generale
Societe Generale describes a limited impact from President Xi’s US visit, with no new tariff cuts or AI dialogue mechanism agreed as the trade truce was only extended to January. USD/CNY rebounded after briefly dipping below 6.70, helped by higher US Treasury yields and a modest easing of PBoC control, while the central bank reiterated […]
by Currency Hedger
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- 1 week ago
Institutional, Societe Generale
Mexican Peso: Downward momentum returns after 200-DMA break – Societe Generale
Societe Generale analysts, including Kenneth Broux, note that USD/MXN has broken above a multi-month descending trend line and reclaimed its 200-day moving average for the first time since April 2025. They see scope for a broader uptrend if the pair holds above 17.40/17.35, with hurdles at the June peak near 17.68 and projections around 17.80. […]
by Currency Hedger
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- 1 week ago
Institutional, Societe Generale
Swiss Franc: SNB intervention bias dialed down – Societe Generale
Societe Generale strategists note that EUR/CHF has rebounded about 0.3% after the Swiss National Bank (SNB) left rates at 0.0% but softened its FX intervention language. The bank now signals it is only willing to be active as necessary, with inflation forecasts around 0.7–0.8% through 2028 and a widening rate differential versus the Eurozone expected […]
by Currency Hedger
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- 1 week ago
Institutional, Societe Generale
Polish Zloty: Policy on hold keeps PLN supported against Euro – Societe Generale
Societe Generale’s Kenneth Broux and colleagues expect the NBP to keep rates unchanged at 3.75%, with Governor Glapiński emphasising flexibility and data dependence. Given worsening inflation and the removal of a near‑term cut, they see policy as supportive for the Zloty and expect EUR/PLN to remain biased towards the 4.30 area over the coming quarters. NBP stance […]
by Currency Hedger
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- 4 weeks ago
Institutional, Societe Generale
Swiss Franc: Swiss data supports dip-buying case – Societe Generale
Societe Generale strategists note Swiss August Consumer Price Index (CPI) and second-quarter Gross Domestic Product (GDP) surprised to the upside, triggering profit-taking in EUR/CHF and USD/CHF but leaving Swiss National Bank (SNB) policy expectations unchanged. They point out that wider G10/SNB rate differentials and low FX volatility may encourage EUR/CHF dip-buying, while warning that renewed […]
by Currency Hedger
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- 1 month ago
Institutional, Societe Generale
Polish Zloty: Fiscal risks cap gains against Euro – Societe Generale
Societe Generale notes that the Polish Zloty strengthened while domestic bonds sold off as August inflation and second-quarter Gross Domestic Product (GDP) exceeded expectations and the government presented its 2027 budget. The draft foresees a 7.1% of GDP deficit and a tax overhaul shifting burden toward corporates, raising concerns about ratings risks and borrowing costs despite recent […]
by Currency Hedger
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- 1 month ago
Institutional, Societe Generale
Brazilian Real: Rate cuts may support BRL against US Dollar – Societe Generale
Societe Generale strategists observe that the Brazilian Real (BRL) largely ignored softer inflation data, which still supports a Banco Central do Brasil (BCB) rate cut in September followed by a pause into elections. A broader easing cycle could attract bond inflows and support the BRL, with USD/BRL expected to remain in a narrow range and […]
by Currency Hedger
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- 1 month ago
Institutional, Societe Generale
Euro: Range consolidation against US Dollar as growth gap narrows – Societe Generale
Societe Generale’s Kit Juckes notes EUR/USD has retraced half of its drop from above 1.20 to 1.1325 and is now stuck in a range as markets await fresh US data. He highlights that 2026 US growth forecasts have been revised down to 2.1%, while Eurozone forecasts were raised to 0.8%, with relative rates tracking relative growth expectations. […]
by Currency Hedger
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- 1 month ago