Morning traders, we continue to be in the "risk assets have most likely bottomed" camp and we continue to express that with the NZD longs against USD, we will be looking across the board to eventually increase the exposure but mostly a job for next week, the weekend gap risks right now are lower but still modestly relevant and thus increasing exposure right into the weekend isn't the wisest of ideas Not much to do today but to prepare for next week's FOMC, we well remember Powell's guidance where he strongly expressed his favor for (only) a 0.250 hike, as such that would be considered a relatively dovish scenario and further support our idea that the "path of least resistance" for risk assets (S&P500, BTC and commodity currencies) is higher