Thoughts on positioning are digested by Kay Van-Petersen, macro strategist at Saxo Capital Markets, as he looks at the USD, EUR, GBP, MXN and the Fed.

Van-Petersen believes that the Fed's next move will be a rate hike, but sees that the market is too aggressive and that we are closer to the end of the rate hike cycle than most people think.

However, Van-Petersen says that inflation is a key risk element.