The USD has relatively retreated in the aftermath of the 18 March FOMC statement. However, BNP Paribas believes the liquidation of USD positions so far has largely been confined to shorter-term market participants and momentum traders, while Longer-term oriented macro accounts are unlikely to have capitulated on their high conviction bullish USD views. As such, BNPP advises its clients in its weekly note to 'stick to the plan' and keep reselling EUR/USD rebounds. Here is BNPP's rationale behind this call along with the details of its recent short EUR/USD position. Eurozone investors are likely to remain sellers of ... (full story)