The Global FX Monthly Analyst

- "In recent weeks the US growth outlook has deteriorated again, which translates into weaker USD forecasts."
- "Some fiscal/political worst-case scenarios in the Euro-zone have not materialised, although near-term risks remain.""
- "Talk about reserve diversification into JPY and reduced scope for intervention create JPY upside risks."
- "The CHF may strengthen further, linked to sticky safe-haven flows, strong growth and unwinding risks for CHF funding trades."
GoldmanSachs Global FX Monthly Analyst July2010

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