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A huge night on Currencies as the US dollar pushes sharply higher
Finally – after ages of doing nothing and of complacency the worlds biggest macro market – currencies – has awoken from its slumber. This is important because in these moves you can see evidence, and I get a sense, that the market is starting to wake up to the big changes ahead as the Fed exits QE and moves toward tightening rates and Europe remains weak, Japan is slipping back perhaps as is the UK and Australian growth looks “below trend” at best. Finally it seems that currency traders are making a clear determination that rates in the US will be heading higher and that the US economy is getting close to a ... (full story)