A large swing in market expectations for early Fed hikes caused a large USD move last week, indeed the biggest since QE1 was announced in March 2009, notices JP Morgan. "On July 5 when the December 2015 Fed funds future reached its recent peak, the USD nominal effective rate marked a 3-year high. However, the currency has declined along with receding expectations for Fed hikes and is now at around post-FOMC levels," JPM clarifies. So, what's on the card for the USD going forward? "We see this USD sell-off as temporary, so re-enter USD longs," JPM advises. "Forward rate guidance, which has already been announced by ... (full story)