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雷达卡
We are once again presenting our FX Top Trades for the coming year. The trades build
upon five global themes that we believe will dominate the currency market in 2011.
These are: 1) A global cyclical improvement; 2) A commodity super cycle; 3) A global
revaluation and rebalancing; 4) A monetary divergence; and 5) A global fiscal
contraction. We have implemented these five global themes in 10 trades. Not all fall
within the same categories but all are taken from the same mindset.
There is no hedging element built in and we lay our heads on the block in each
recommendation. All trades are thought to have a high-return potential and come
generally with a risk/reward ratio of 1:2. We have utilised the skew in options market
where possible, but the trades expressed via options can also be done outright.
Just like last year, we reserve the right to book profit or take loss earlier than intended
should the underlying fundamentals change. We believe that an active management is
essential – especially when markets change focus as often as currently is the case. Please
keep yourself updated on our website and through our subscription service when
following the trades.
See also the presentation: FX Top trades 2011. It gives an easy accessible overview of the
trades.
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