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USD Decline Just A Position Squeeze; 3 Reasons To Stay Strategically Bullish - Nomura
Overnight, Nomura long USD/JPY from 103 hit its stop at 100.50 before bouncing back. That came on the back of a broad USD weakness which Nomura sees as an outcome of position unwinding and not a reflection of the macro story. As such, Nomura keeps advising clients to stay strategically bullish on the greenback. "From a strategic perspective, we think the dollar will strengthen meaningfully versus major currencies over the next 6-9 months. We are starting to accumulative a spot position versus a basket of CHF, EUR, GBP and CAD (in addition to existing option positions)," Nomura adds. Nomura outlines 3 structural ... (full story)
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