英文FX_EM_Macro_战略_季度_展望_美元_对冲_A_trend_o_fade_

This document is intended for institutional investors and is not subject to all of theindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for itsown account and on a discretionary basis on behalf of certain clients. Such trading interestsmay be contrary to the recommendations offered in this report.Please see analyst certifications and important disclosures beginning on page 79 .FX & EM Macro Strategy Quarterly OutlookDollar hedging: A trend or a fade?We examine hedging flows and quantify the scope for EURupside, take stock of resilient US data and a moreexpansionary US fiscal policy, and assess the prospects forEM carry and fiscal risks in EMEA.FX & EM Macro Strategy Quarterly OverviewDollar hedging: A trend or a fade?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3As other dollar selling narratives become increasingly contradictory,