The past week displays every hallmark of a longstanding position washout inthe global macro community. Better US data have again receded into thedistance like a mirage, driving cash from local growth stocks back intolaggards elsewhere. The prospects of further easing from Messrs Kuroda andDragi are frustrating likewise. And a fresh wave of reserve diversificationseems to be adding to the mix. USD bulls have thus been worn down after adifficult 3 if not 9 months. Many are giving up.
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