CAD, NOK, RUB: SocGen remains long on these currencies despite slowdown of Chinese trade results

"Yesterday, the Chinese trade statistics were shocking, triggering a wave of risk aversion at the opening of Europe's markets after a multiple-week rebound of the commodity currencies, the price of oil and scholarships.

Above all, China's trade balance suggests a sharp slowdown in the growth of world trade. Skepticism is growing in relation to the ability of Chinese authorities to revive growth via loans or tax policy. Maybe this will temporize the rally in commodities. It is also possible that the markets will ignore this statistic.

Even if markets ignore the Chinese trade figures, we are long on currencies like the CAD, NOK and RUB against currencies such as the NZD and BRL," says the SocGen bank.