Credit Suisse veteran says 'very major' currency moves over

[SINGAPORE] Buy the pound. Don't short the yen. Take profits on the ruble.

These are some of the views of Credit Suisse Group AG's senior adviser, Robert Parker, who spoke in a phone interview from London this week. He joined the bank in 1982 and was previously vice chairman of its asset-management business.

Mr Parker said the biggest moves in currencies are mostly over as elections in Europe and a likely retreat in global stock markets will make investors cautious about putting money into riskier investments.

"A lot of the very major moves have now taken place," he said. "Foreign-exchange market volatility, which has declined, is probably going to stay fairly low." He suggested investors need to be cautious on risk over the next three months. The investment adviser's comments come as a gauge of swings in global foreign-exchange markets fell this week and remains close to a three-month low. The euphoria surrounding US President Donald Trump's promised pro-growth agenda has run its course, and there's scope for disappointment from his policies, Mr Parker said.

Here is a selection of his views on various currencies:

"Most of the other big moves in Asia are 'probably behind us'," he said.

BLOOMBERG