FX flows are down 6% from Friday and 29% vs the five-day average. There is a net bias to sell USD, led by macro and retail names, while asset managers have shown a small bias to buy USDs.
The standout G10 flow is USDJPY selling by retail names, although this has been partially offset by macro buying. Other noteworthy flows have also been in USD selling vs EUR and GBP by macro names.
In EM the desk has seen USD/Asia selling, led by macro names/ especially vs CNN. The notable exception is USDHKD, where we've seen buying, especially by macro names.
Via UBS, *Pre Fed Nomination News Release
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