Latest from Goldmans, essentially the desk here is positioning for a global recession, they are bullish CHF (they are short GBPCHF) and they are bullish JPY (they are short USDJPY via options) on a change in dynamics with markets transitioning into global growth concerns
Not much to add to this, it's a view that we tend to agree with, the "path of least resistance" is for further "risk off" flows as recession fears grow across the globe, which also means stocks and crypto to continue to be biased lower
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