More Volatility And Less America Is Emphatic Message From Market

Authored by Simon White, Bloomberg macro strategist,

The latest changes in speculators’ positioning has been skewed towards the VIX, the euro and EM equities. 

The market is being shaped by what is perhaps the beginning of a secular trend where the concentration of US risk in global portfolios is reduced in favor of non-dollar assets. In the shorter-term, that’s what positioning data is reflecting.