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Chartbook: April 17

Exhibit 1

There's only one story in FX markets.

Change In Spot Exchange Rate Against USD, Relative to September 27, 2022, %

Exhibit 2

Supplier costs are tumbling.

Change in Producer Price Index, %

Exhibit 3

Inflation is rolling over. Everywhere.

Annual Change in Core Consumer Prices, %

Exhibit 4

Chinese exports surged in March.

Monthly Exports, Billions USD

Exhibit 5

Growth is beating expectations.

Annual Change in Gross Domestic Product, Constant Prices for China, Chained 2012 Prices for US, %

Exhibit 6

Volatility expectations are falling.

Change In Index Value, Relative to January 2, 2019, %

Exhibit 7

The dollar is firmly on the defensive.

Trade-Weighted Dollar Indices

Exhibit 8

Speculators are rebuilding short positions.

Net Long (+) or Short (-) US Dollar Futures Position Held by Large Speculators, Billions US Dollars

Exhibit 9

Carry trades could outperform.

Year to Date Return, Carry and Volatility-Adjusted Carry, %

Exhibit 10

But rate expectations look unrealistic.

Implied Federal Funds Rate, %

Risk appetite improves ahead of Nvidia earnings
7 hours ago
AUD still on the backfoot
18 hours ago
Markets turn cautious as Iran uncertainties remain
1 day ago
Risk wobbles weigh on the AUD
2 days ago
US Fed shifting course?
5 days ago
Yuan step at a time
6 days ago

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