Wells Fargo closes long EUR/CHF positions due to deteriorating European growth outlook
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The bank initiated this transaction in February this year. The company's macro strategist Erik Nelson wrote: "We have closed our long EUR/CHF positions at the 0.9110 level, and after accounting for carry income, the overall profit and loss is flat." "With the unwinding of carry trades, coupled with the deteriorating European growth outlook amid ongoing war, the risk-reward ratio for holding long EUR/CHF positions has significantly worsened." Expand
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