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Its worth reminding that today is the next...>

DOLLAR
DOLLAR: Its worth reminding that today is the next SOMA redemption day. This is
where the Fed unwinds its balance sheet and redeems the full amount paid for in
bonds, normally resulting in USD demand. Nordea note it will be a hefty one and
will necessitate the largest drain since October at $18.2bn. Since the end of
February, EURUSD has always been lower at CET1715 vs CET0800, by an average of
0.25%. Also factoring in that CACIB, Barclays & Citi's month-end rebalancing
models all suggest strong USD buy signals across the board.

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