📝Scandies, CHF, Antipodeans Less Indebted Than Japan, U.S., U.K.: J.P. Morgan

Within DM, CHF, Scandis and the Antipodeans rank well on relative indebtedness metric in contrast to GBP, USD and JPY which are on the other end of the spectrum. So a fiscal stimulus should be more FX-positive for the former rather than the latter, all else equal.

Among the more indebted DMs, yen ranks better than USD and GBP on the other sources of differentiation for currencies (relative external balances, valuations); so if term premium were to be going up everywhere, expect yen to outperform USD and GBP, but underperform the likes of CHF, all else equal. - J.P. Morgan FX Strategy