The long and the short of it

We are cutting our long US dollar positions. The dollar index (DXY) has fallen from 99 to 97 in a week. It could fall another 10% easily. The strong dollar story is dead. We have kept our EM FX short positions in place, but have switched the long side into either a basket of rather boring but sanely managed currencies. But most of all we like gold on the long side.

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