USD Trading Outlook (15-05-2013)
USD strength has again been the main story in overnight trade with the greenback making solid gains against all the other major currencies. The market is regaining confidence in US assets and the talk that the Fed is soon to start tapering out of QE is increasing this confidence. Long term structural trades across many asset classes are starting to unwind and the currencies which benefitted most from the safe-haven trades over many years (CHF and AUD) are now looking the most vulnerable.
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