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Effective Fed Funds Rate


(N2) Primary Trend Remains Up

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FOREX: BofA research notes that Japanese "activity on margin trading has been
limited for key currencies such as USD and EUR after years of low volatility.
Instead, EM carry trades have been a popular trade for margin traders. We still
find long positioning in high yielders such as ZAR, TRY, and MXN. Positioning is
less stretched than previous peaks, but we think they pose some risk of
unwinding as these pairs have been making lows while economic uncertainty
lingers. These pairs need to be monitored through the Golden Week holiday with
the domestic market closed from Monday to Wednesday next week (4-6 May)."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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