Société Générale - 'A lot of the FX market is blindly following the oil price' - there’s value in short EUR/NOK and short AUD/CAD

"A lot of the FX market is blindly following the oil price, not least because a year ago the price was USD 94 and the forecast for Q2 2015 was for little change," SocGen argues. 

"To the extent that we would get a bigger short-term reaction to a break higher than to a slide back to the middle of this range, there’s value in short EUR/NOK and short AUD/CAD today," SocGen advises.