• 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