Accessible version FX and Rates Sentiment Survey Summer doubts Key takeaways Qualifying the short USD thesis Even if now on par with long rates, short USD remains the highest conviction trade for the rest of the year (Exhibit 7). This could reflect survey respondents' expectation of fading US exceptionalism (Exhibit 1) and simmering concerns on Fed independence (Exhibit 16, Exhibit 17) and US fiscal policy (Exhibit 14). It is in line with them preferring to raise their FX hedge ratios (Exhibit 18) and with ...