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USD Defensive Into NY Hours, Comes With Month-End Models Tilted Towards USD Sales

FOREX

With the USD on the defensive as NY traders start to filter in, leaving the BBDXY at worst levels of the day, it is worth re-flagging that the sell-side month-end FX rebalancing models that we have seen are tilted towards mild to moderate USD selling on net. The recent move in JPY probably muddies that bias a little, while it is also true that rebalancing flows have seemingly moved to a more dynamic state in recent times vs. what had been seen in years gone by, making the timing of the flows more varied than in the past.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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