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Westpac's G10 FX model "abruptly exits USD....>

FOREX
FOREX: Westpac's G10 FX model "abruptly exits USD shorts, a firmer USD yield
signal the main catalyst following last week's upbeat US jobs report and
diminished odds of a 50bp Fed rate cut on July 31. The model continues to
quietly build a long AUD exposure, up to 8% of the portfolio this week as iron
ore prices hold near multi year highs. CAD remains a heavily favoured long for
another week (+21% of the portfolio) but the long held NOK bullish position
finally sees some trimming, that position cut to 18% of the portfolio from 28%.
Elsewhere the model leans more forcefully into CHF and GBP shorts."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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