📝Fast Money Has Room To Unwind CNH Longs: UBS Strategy

FX Flow Monitor shows hedge funds have sold CNH every day since Oct 3 after they accumulated the most crowded long CNH positions over the past year. On Oct. 8, when China's local market reopened, the fast money community sold 4.3 standard deviations of CNH, mostly in Asian hours. Currently, the fast money community has only unwound 17% of their max long CNH positions, and still have room to unwind. - UBS Strategy