Key focus and themes Global Markets Research Foreign Exchange - Asia ex-Japan/Euro Area/Europe US 'exit' theme and our trades At what level of the 30-year yield (current:4.86%) do you expect to see the Fed respond? Fig. 1: Top five top-conviction strategy trades in order (scale 1-5) Note: Conviction scale: 1 – Watch; 2 – Watch Closely; 3 - Positioned @ 1/3 desired; 4 – Positioned @ 2/3 desired; 5 – Positioned @ 100% desired. Source: Nomura. Trump's 90-day partial tariff reprieve (announced 9 April) led to s ...