Strategy Note: Short-term reprieve but the risk-off phase is not over

Chart 1: We expect the EM carry trade to find breathing space
Chart 2: Oil reversing is crucial to global $-Liquidity
Chart 3: Major resistance at 2.91% ahead
Chart 4: US bond bull/bear cycles since the 1990’s, in perspective
Chart 5: Dollar is likely to correct from previous highs
Chart 6: Consensus: Record net short USD and US 10-yr
Chart 7: $-rand, targeting 12.20 during correction phase
Chart 8: R186 Bond, targeting 8.24% during the correction phaseStrategyNote_180528