Societe Generale - "We remain short GBP with a chance of consolidation, short JPY and (structurally) CHF. The USD and Nordic currencies are the main winners of this battle for the bottom. Vega in usd crosses and this mainly vs em are a friend, gamma is not yet (G20 non event). US labour is not strong enough to see a more pronounced stance in Fed policy. For now they are only sending out the hawks to manage tail risks."