G10FX: A Regime Change Is Unfolding With Pain To Both Bulls & Bears; Stay Humble - Nomura

Nomura Research discusses the current volatile market conditions and notes that the nature of markets is such that the transition and the new regime itself will likely unfold in a way to cause pain to both “bulls” and “bears” (in whichever market you can name).
"We have been resolutely bearish on the dollar, and this week’s dollar rally reminds us to stay humble. 
In such market conditions, it pays to get micro, keep an ear to the ground and cast one’s net wide across multiple markets. We expect rates volatility and term premium to continue to rise as normalization to this new regime continues," Nomura argues.