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Focus shift from FED to PBOC
As traders, we were told never to trade Friday the 13th. If we did, it was going to hurt. After yesterday’s short squeeze and Goldman’s revised one year EUR recommendation (1.40), the long dollar positions took it on the chin. Already this week the highly anticipated Fed minutes could not hold the line. Their lack of action or perception has only allowed the risk trading noose to tighten. The minutes confirmed that the Fed has little appetite to enter another round of full balance sheet expanding QE anytime soon, and this despite the recent loss of momentum in the pace of US recovery. The minutes also showed Fed ... (full story)
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