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FOREX
FOREX: Westpac's G10 FX Model "goes all-in on NZD shorts, lifting its exposure
to -32%, higher risk aversion across global markets and weaker NZ housing and
PMI data last week feeding through our suite of signals. AUD remains out of
favour too, the model sticking with shorts for yet another week (-11%), while
CAD longs are scaled back to a more modest 6%. Elsewhere the model makes a
continued notable shift in GBP longs, upping its exposure to 20%, the model's
biggest long position. While GBP has negative scores for growth and total yield
about half the long signal is made up of bullish short and long term valuation
signals. Among the majors the model is flat the USD and long JPY (16%)."
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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