Dollar positioning and momentum are the highest they’ve been since we started collecting data for the Positioning Report in October 2022. See Positioning Report at the end of today’s note. April 15 Tax Day has now passed. The unconditional tax-related selling should abate now. The PBoC looks like they have blinked a little bit as the CNY fix came in higher last night, finally. It’s rare for spot USDCNY to just sit there exactly 2% above the fix for so long. That’s the max that the PBoC will allow, and we have been there for ages. In the past, this either meant they slam it or they deval. {chart} Deval talk has picked ... (full story)