$CNH - RMB strength expected to continue as Chinese corporates globally are flush with dollars and will be selling them, supporting further CNH appreciation
$GLD - Gold remains strong due to central bank diversification and geopolitical uncertainty, working in both risk-on and risk-off environments. For gold to decline, the fundamental game would need to change
$CHINATECH - China tech positioned as champion asset class of the year, with the consensus short China trade having failed and strength continuing
$NVDA - Nvidia's massive AI infrastructure spending is keeping the US away from recession, making it a critical economic driver beyond just being a tech stock
$ORCL - Oracle benefiting from broadening AI infrastructure spending beyond Nvidia, performing well as the AI rally expands
Bearish:
$STEEPENERS - The consensus steepener trade that was considered 'untouchable' has failed and is unwinding, with both US and European steepeners getting reduced
$USD - International investors are buying US equities but hedging dollar exposure, with 80% of recent flows being hedged, indicating they want US companies but not dollar risk