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Cross currency basis swaps....>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: Cross currency basis swaps continue to widen against the
USD, despite the Fed announcing coordinated dollar swap lines. Deciphering the
causes of spread widening can be difficult, but in the current setting a surge
in offshore demand for dollars coupled with pre-existing funding stresses in the
US are the key culprits. Latest 3m spreads vs USD:
- EUR: -93bp
- JPY: -115bp
- GBP: -87bp

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