USD: Focus on the Fed. Bullish.  With risks from Greece and China diminishing, we believe that the market will once more focus on Fedrate hikes. Despite the first full 25bp hike being priced for the start of next year now, we still reiterate our economists view for a rate hike in December. Therefore we would expect the front end of the market to adjust, bringing the USD higher with it. This week the market will be focusing on the FOMC statement and the release of PCE. We particularly like buying the USD against EM, AUD and CAD.  EUR: Short Positions to Come Back. Bearish.  With uncertainty regarding ... (full story)