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Barclay's FX month-end rebalancing monitor....>

FOREX
FOREX: Barclay's FX month-end rebalancing monitor notes that "over the past
month, a decline in risk aversion & market volatility led to reversals in safe
haven flows, notably driving a short-term USD retracement, weakness in the JPY &
softness in Japan's bond market. The underperformance of Japanese markets leaves
the market overweight the JPY in terms of FX hedges, resulting in a weak buy JPY
signal versus the USD. The escalation of trade protectionist risk weighed on CAD
and AUD assets, while European and UK markets were modestly up, inducing the
model to produce weak sell signals vs. the dollar for all other majors (EUR,
GBP, CAD & AUD)."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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