In a note to clients today, Bank of America Merrill Lynch provides its advice for FX traders on how they should position in the market over the coming weeks and months. 1- "The best trades are usually those for which all the stars are aligned. Unfortunately, this is currently not the case with US rates and the key USD crosses like EUR/USD and USD/JPY," BofA notes. 2- "With the market having already priced in a 70% chance of a Fed hike in September, for US rates to head higher or for the USD to make significant advance against the EUR and JPY, the market has to believe that another hike before year-end is likely," ... (full story)