Meanwhile, a quick look at USD should be a good complement to your morning coffee - the vol has been essentially sideways for the past couple of months and the carry unwind risk is back to the middle of Greenspan-era liquidity. Yup nothing to see here folks, move it along.
(quick note: the big moves in the unwind risk index have been in the IMM and swap spread z-scores - take that as you will)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVJB74P-LTqtpq3lh-Th7VQokokbufg__Ds9QhhfACoVSK5CfAxI9xZS8tgABsSBekD6zGkDAaGc-UMy7zmVOb7MI2jWlThyHpD36bo_ZQDG7MZIJ8MezCdhvwKYHbECnP2yV6SEmPccXb/s400/carry_unwind.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjj3Lz8SUieLugMbgQRX01TTwSGhX8y88dkHLzhPc0vOJDNDDaBE8FbP62UrIbgs8NCH94KyrTHrsy2Q0LzBHMWVM1zuPXlSxY56zEjVjXLy1m54cZJIkP0xRBWRchRb-xjawzkIeNdIHvV/s400/fx_vol.jpg)
Thanks to BarCap for the research
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