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Ahead of month-end Citi FX note rebalancing...>

FOREX
FOREX: Ahead of month-end Citi FX note rebalancing volumes are expected to be
the largest since January 2016 with the maximum possible flow estimated at USD
1,447bn, nearly 2x the full sample average. The hedge rebalancing flow dominates
the asset rebalancing flow this month. Notable FX impact includes selling the
USD, in line with our hedge rebalancing model. There could also be some buying
of EUR and GBP and selling of JPY around month end.

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