We still think the all overarching theme is the strengthening of the broad USD, its ramifications for other asset classes and the subsequent spill-over effects to the rest of G10 and EM-majors.
Our predisposition is for more USD strength and it is especially noteworthy how IMM data do not suggest that USD positioning is particularly stretched long – if stretched at all.
Leveraged accounts have heavily added short EUR/USD positions in recent weeks but we believe in a potential for additional USD longs and a continuation of the greenback rally.


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