Societé Generale - "Core FX views:
1) Buy ‘cheaper’ EM and high-beta currencies. ZAR and TRY stand out, perhaps INR too on valuations. See our EM colleagues’ thoughts for more details.
2) Wait to sell overvalued G10 currencies. That really means waiting to sell AUD, NZD and CAD at better levels. I'd better warn that AUD/USD above 0.95 might be irresistible however!
3) EUR/USD and even more so GBP/USD can still squeeze higher.
4) USD/JPY is in a range, and if it breaks, it can spike lower. We are long above 101 and square below, looking to re-buy well below 100. (...) Further BOJ action may be months away after the lack of movement last year, so USD/JPY longs are 'dollar longs' more than 'yen shorts' and subject to the same concerns as we have elsewhere.
5) We still like shorts in SEK as the ‘best’ G10 deflation trade. NOK/SEK is a long-term favourite."