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Andreas Steno Larsen and martin Enlund.....>

US SWAPS
US SWAPS: Andreas Steno Larsen and martin Enlund at Nordea also pick up on the
rapid movement in the cross currency basis swaps. "From now and until the end of
this year the usage of the Fed's reverse repo facility could spike as much as
$400bn, effectively withdrawing USD liquidity from the banking system." They see
this as supportive for the greenback FX rate.

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