We maintain our view that the USD is poised for recovery and that risk reward for longs has improved considerably since the beginning of the year. Our BNP Paribas Positioning Analysis indicates that the market is currently short USD (-14 on a -/+50 scale), down from +22 in the beginning of this year. Therefore, there is a lot of room for new long positions to be added. We continue to favour long USD positions vs. commodity exporter currencies as these trades can do well in the event of a resumption of broad USD strength or a continued unwind in risk sentiment. The implementation of a border adjustment tax could raise ... (full story)