核心货币观点：德国央行的温和转向仍在展开.pdfVIP

Global FX Strategy Global EM Research 18 March 2019 Corrected Note (first published 15 March 2019) (See page 40 for details) Key Currency Views The DM doves from above  Dovish pivots by DM central banks are still unfolding. The Fed and Global FX Strategy EM Markets Norges Bank meetings are next, but look for fallout in G10 FX to be Meera Chandan AC limited. Stay long USD vs. other G10 FX vulnerable on growth and (44-20) 7134-2924 carry (EUR, AUD, CAD); neutral on NOK. meera.chandan@ J.P. Morgan Securities plc  EM growth outlook remains stable but is yet to show decisive Paul Meggyesi improvement; stay cautiously overweight via Latam and Asia. (44-20) 7134-2714 paul.meggyesi@  Global growth risks continue to linger with EASIs still negative for J.P. Morgan Securities plc 2/3rd of countries. Investor risk appetite and positioning remain Sally M Auld light, indicating that growth momentum still has potential to move (61-2) 9003-7904 sally.m.auld@ market