UBS adds Norwegian krone to top FX picks as oil rally seen capped

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UBS has added the Norwegian krone to its list of top currency picks, expecting global oil market adjustments to cap crude prices and reduce the need for further central bank rate hikes. The bank sees Brent crude unlikely to remain above $100 a barrel in the near term, which should allow most G10 central banks to keep policy unchanged. UBS continues to favor higher-yielding and pro-growth currencies, rating the Swedish krona, New Zealand dollar, Australian dollar, British pound, Chinese yuan and Norwegian krone as attractive. It maintains a neutral stance on the euro, forecasting a 1.14-1.20 range against the dollar, and expects the Swiss franc to underperform as a funding currency. In emerging markets, UBS favors diversified exposure to high-yielding currencies including the South African rand, Brazilian real, Mexican peso and Indian rupee, while taking a more cautious view on the Turkish lira.

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