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Speculators Aggressively Dumped USD; A Turn Into Net EUR Long In Sight
Speculative traders on the Chicago Mercantile Exchange continued their aggressive anti-USD march on the back of the Federal Reserve's launch of its latest round of quantitative easing "QE3", data from the Commodity Futures Trading Commission showed on Friday. Traders increased their open short USD position by 72% from a week earlier to reach a net of $19.6 billion as of Tuesday. "Judging from past USD reactions to Fed QE the impact on the USD is ultimately a negative one, with the USD index actually falling during the full periods of both QE1 and QE2 (-4.6% and -2.9%, respectively)," says Mitul Kotecha, the head of ... (full story)
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