BNY Mellon sees big risk-off move ahead in the currency markets at year end. "Currencies such as the AUD and CAD continue to trade near to some of their strongest levels in 30 years or more," says the bank. "The risk is therefore that a broad retreat from risk prior to year end could certainly make itself felt," it says. While it's easy to know what to sell, the bank says it's difficult to know what to buy considering safe-haven currencies are in short supply. "The irony is, despite the fiscal cliff, the USD looks like the best of a fairly bad job at present," it says. AUD/USD trades at 1.0340 and USD/CAD is at 1.0005.
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