portfolio, we were stopped out of short JPY intra-month; re-enter today vs USD, AUD and BRL. We keep a basket of GBP shorts vs EUR, NOK and USD. • EURIUSD can stay around 1.30 despite a region in recession. The Fed is nowhere near tightening, and Europe's balance of payments (record surplus) is stronge

cceleration this fall as fiscal drag fades, or unless we have underestimated the ability of Europe to deliver above-trend growth for a few quarters, EURIUSD and GBP/USD should revert lower by a few cents but remain within this year's range. Commodities • We have been OW energy vs. base metals since ear

23 July 2015 FX Daily: An update to our EURIUSD view (and forget OE, think CIFI and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "M

Premium Date: Thu 21-Aug-2014 Client Receives 5229,500 (Net P/L: $43,500) EURUSD Risk Reversal (spot ref 1.3318) <Client> sells Put, buys Call on EURIUSD in a Risk Reversal Put Strike: 1.345 Call Strike: 1.38 Notional: EUR 10,000,000 EUR Expiry: Mon 08-Sep-2014 Settlement: Wed 10-Sep-2014 ZoneCut