In today’s macro briefing we delve further into theme that fixates FX markets; Linkages between EM and G10 funders. We recently highlighted this piece from Alpine Macro on the dollar paradox. JPMorgan, in a note published last week, believe that upward pressure on USD, CHF, and to a lesser extent, JPY is the inevitable outcome from a phase of de-risking in EM. But while bullish on G10 funders, they reckon there may be a bigger bang for buck on shorting high-beta G10 FX, which has been 90% correlated with EM for a decade now. We also highlight some interesting points made by Luke Gromen of Forest for the Trees, who draws some conclusions on why USTs may no longer be the safe haven for EM contagion. That’s what the recent price actions suggests, but why? CLSA, the Asian equity specialists, outline their top trade strategies for the rest of 2018, Jefferies argue that the UK economy maybe in better shape than many think ahead of the ”Brexit cliff” and Cowen & Co provide the definitive digest on US trade tariffs globally. A must have, if that’s your thing.