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Citi Recommended Increasing USD/JPY & USD/CHF Hedge Ratios

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Citi note that “safe-haven FX activity remained strong on Tuesday amid elevated U.S. rates vol. Positioning factored into real money and hedge fund USD/JPY selling and real money USD/CHF buying seen after U.S. CPI. The increased activity around CHF and JPY may persist as long as U.S. rates vol. remains elevated, though neither our traders nor our strategists feel like this will be thematic medium-term. CitiFX Strategy suggests Increasing USD/JPY and USD/CHF hedge ratios to position for a rebound in Fed terminal pricing.”

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Citi note that “safe-haven FX activity remained strong on Tuesday amid elevated U.S. rates vol. Positioning factored into real money and hedge fund USD/JPY selling and real money USD/CHF buying seen after U.S. CPI. The increased activity around CHF and JPY may persist as long as U.S. rates vol. remains elevated, though neither our traders nor our strategists feel like this will be thematic medium-term. CitiFX Strategy suggests Increasing USD/JPY and USD/CHF hedge ratios to position for a rebound in Fed terminal pricing.”