Reduce US Dollar, Prefer Sterling
Quotes from Societe Generale Cross Asset Research:
-The US policy-mix change (fiscal tightening, monetary loosening) should weigh somewhat on the US currency. Elsewhere in currency markets, we like Sterling as the most undervalued G10 currency (supporting both the FTSE 100 and Gilts).
-We dislike the Japanese yen, weakened by the new trade deficit and the looser BoJ, hence our overweight on the cheap Nikkei, the latter also offering strong decorrelation (i.e. risk reduction).
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TELETRADE: Forex Managed Accounts Project 
Tue May 03, 2016 9:51 am by Andrea ForexMart
Subject: Reduce US Dollar, Prefer Sterling