Reproduced without permission here. Very interesting report. Must read for an understanding of current carry trade dynamics.Addendum 10:52 pm 26Nov09 : At time of writing this, equities appear under pressure (Dubai World "debt extension" : DAX -2.2%, S&P futures -20 pts at 1089.). Further declines should give rise to possible short term rally in USD/JPY as per ING correlations. I would use this as an opportunity to increase USD/JPY shorts if it plays out as such.
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