Goldman Sachs highlights the shift in USD funding after September FOMC.

"Going into the Fed, a lot of clients, including ourselves, were of the view that you'd fund in short USD and that would be against the likes of JPY, EUR, Gold, and also a pro- cyclical tilt with EM longs. But the Fed does feel like a game changer. Part of the view on the USD was that you'd have flavours of debasement, but the market has credibly priced in a reaction function that will actually tighten financial conditions in the face of inflation," GS notes.

"The meaningful shift in everyone's portfolio is from funding in USD into a mixture of EUR, GBP, AUD, CAD," GS adds.