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- On my side,
- I have exited my short ZAR trade as Turkey is stabilising. I maintain my short dollar trade (vs EUR, JPY, CNH), long gold, long CE-3, long USD/INR, long AUD/NZD and US 10s30s steepeners.
- Elsewhere in our survey,
- One participant exited their China casino/gaming trades.
- The same person also halved their long CNH position to half. They don’t think exporters will like it below 6.90.
- By asset class, the most popular longs are commodities (esp gold) and EM FX.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.
Manan is a macro researcher with 8 years of experience on the sell-side including Nomura & J.P Morgan. At Nomura, he specialised in scenario analysis for G10 and major EM economies.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)