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- On my side,
- I’ve turned neutral on S&P as I’m concerned about rates vol, US political risk and US-China noise
- I’ve added a long AUD/NZD trade on base metal strength and RBNZ FX concern
- I keep short USD trade (vs EUR, JPY, CNH), long USD vs ZAR and INR, long gold and a US 10s30s steepener
- Elsewhere in our survey, one participant adding a short HY credit trade, while another added a long DM-ex US equity trade (and they exited their long tech trade).
- In terms of trades exited, a long TRY trade hit its stop
- By asset class, the most popular longs are in commodities (esp gold) and EM FX. The survey shows opinion is net long rates, long equities and long credit.
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.)