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With most bank re-balancing models............>

FOREX
FOREX: With most bank re-balancing models suggesting month-end USD sales, its
worth reminding that today marks the next redemption day where the Fed unwinds
its balance sheet to the tune of $11.4bn and redeems the full amount paid for in
bonds, resulting in demand for the USD. Two out of the last three SOMA days have
yielded returns on long USD positions (averaging 0.3%) and could see this trend
continue today.  

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