Australia and New Zealand Banking Group (ANZ) is out with its last FX monthly outlook for the year. Along with updating its FX forecasts (see below) ANZ highlights the following strategy points in this report. 1- We retain a strong USD bias strategically, but expect the short-term environment to remain rangy and reasonably currency specific. 2- We expect JPY consolidation in the short-term based on the view that BoJ easing will have currency effects which are largely one-off and step-like, rather than ongoing. 3- China looks less like a credit crunch, having recently recorded the largest falls in interest rates since ... (full story)