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📝Tuesday Saw Underwhelming USD Buying: UBS Strategy

Judging by desk flows, it looks like the market wasn't positioned for the heat of that U.S. CPI print. There was a big spike in activity around the print with cross-asset selling. Treasury futures selling was concentrated in TU/TY.

We would have expected dramatic USD buying in response to such a strong across-the-board U.S. CPI number, especially given how much repricing there has been in the USD curve. But it didn't occur. USD/MXN ran into decent resistance as it met local offers. Latam was notably quiet. In G10, there was buying across the board with stops getting triggered in AUD on the move lower. - UBS Strategy



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