• Crowded positions and thin Liquidity exacerbated the move in yields
• Wait until closer to the next CPI release to reenter shorts as seasonal factors point to more duration rally ahead
• High correlation among currencies make it less attractive for expressing RV views
• AUDNZD Cheapness and Keltner Band, Short EURUSD Position Rebuild • Long USDBRL Positions Screening Stretched, Foreign Equities Outflow From EM
- UBS Macro Trader
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