Accessible version Liquid Cross Border Flows Q3 halfway mark Key takeaways FX flows so far in Q3: consolidation Consolidation perhaps best characterises FX flows so far in Q3, after – sharp in the case of USD – positioning adjustments in 1H: investors have bought USD, CHF, and EM FX vs. JPY, GBP, and CAD (Exhibit 1). Among BofA investors, USD shorts are light (Exhibit 2). Exhibit 1: So far in Q3 investors have bought USD, CHF, and EM FX vs. JPY, GBP, and CAD Changes in aggregate FX positioning -40 -20 0 20 ...