Trading the dollar directionally over the past few months has been frustrating to say the least, says Nomura. "After something resembling an uptrend in the first five months of the year, we have entered a phase of erratic ups and down versus major currencies (although there has been a more persistent underlying uptrend versus emerging market currencies)," Nomura clarifies. "The first dollar drawdown happened following Bernanke’s initial tapering remarks on May 22, which caused broad-based position unwinding (and significant EM weakness). The second dollar drawdown was triggered by a shift in communication ... (full story)