Credit Agricole CIB FX Strategy Research argues thatthe latest oil price drop may have some ‘unintended’ consequences in FX. "Indeed, we note that the markets are already short CAD and neutral NOK while they are long AUD and NZD. Anecdotal evidence further suggests that FX clients are long the high-yielding currencies of EM oil exporters. Market positioning could thus makecarry currencies rather vulnerable to a potential escalation of risk aversion on the back of a persistent drop in oil," CACIB argues. In terms of next week's data, CACIB notes that nextweek's inflation data out of the Eurozone and Japan should ... (full story)