USD Trading Outlook (23-05-2013)
We saw a lot of volatility overnight around the time of the Fed chairman’s testimony but the underlying USD strength remains unchallenged. There were huge flows in crosses like EUR/AUD and the market seems intent on continuing to sell the AUD; this is one trend which we are better off not fighting.
The main event on today’s economic calendar is the HSBC version of China’s manufacturing PMI whilst Australian inflation expectations should not be ignored.
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