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FOREX: CIBC's PCR model is bullish AUD/NOK and entered a long position at
NOK5.9040. CIBC write that the model is "looking for a fair value of NOK6.0560,
approximately 2.4% above current spot levels. The magnitude of the 1-month
z-score looks extreme, at 2.3x, relative to the optimal level required for
mean-reversion. We estimate that the holding period is around 20 days.
Back-testing results show a strong degree of convergence, at just under 70%."
CIBC have a stop at NOK5.7660.