The REFLATION trade is still very relevant. Charts are indicating that we may see further RISK rallies. The best expression in FX is still the carry trade, and CROSS JPY is the key.

We will use any meaningful DIP to position long RISK.

We feel the best in class is the AUD. Positioning may be getting a bit crowded, judging by some AUD crosses price action, but the dips are meant to be bought.

We will look to add to our AUDCAD on dips, buy AUDJPY on dips and look at other CROSS JPY.

The Biscuit.