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The rest of the world digested the Macron win and
continued to take profit on the EUR, pressing the currency towards the
1.09-figure as we write. USDJPY made a U-turn higher, guided by the
rebound in UST 10yr yields. We recall that May is a particularly bullish
month for the USD in terms of seasonality. We remain constructive on
USDAsians including USDSGD, USDCNH, USDKRW, USDMYR and USDTWD, USDIDR,
USDINR.
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