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Jurrien Timmer: The Trade For A 2023 Recession

The Macro Trading Floor

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The Risks of FX Swaps

The world is a leverage Dollar play from people that are outside the United States Brazilian exporters korean exporters pension funds in in europe banks in europe Lifers in japan everybody's exposed to the dollar without being domiciled in the us. A very rapid dollar appreciation would be bad for this market. Having these large amounts of fx swaps might actually exacerbate Stress during these episodes. That's always been the case. No, it's nothing new I think we will leave it at that for this week at the macro trading floor.

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