Bank of America Merrill Lynch - "our 2015 top 10 trades:

1. We are still bearish AUD/USD (still targeting 0.78)

2. We still like paying US 5y rates against receiving China 5y rates

3. We are still bullish Eonia 1y1y forward and think German 5y yields will reach 0% next year

4. We still think USD/JPY has limited upside in the short-term, even though we look for it to reach 123 at end-2015

5. We still like our recommendation of long 1y USD/CAD digital call as a best tail-risk hedge against oil prices overshooting to the downside.

6. We are still hanging onto our CHF/NOK call (now in the red) for now.

7. We still like owning 30y US inflation swaps vs. EU inflation swaps

8. We are less confident in our call that EUR/USD downtrend will pause through Q1.

9. Peripheral QE flattening poses biggest risk to our credit barbell

10. Best regulation trade: maintain 2y swap spread longs"

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