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We have witnessed the lemming trade in gold. Last year, the commodity rallied 24%. After the last two weeks of volatile trading, holding a long position is like passing a ‘hot potato’. Speculators have used any excuse to liquidate their position and in doing so have caused near panic in pockets. Are we gong to see this in the EUR over the next few days? To date, speculators and hedge funds have bet approximately $8b against the EUR. Last week’s CME numbers confirmed that the market continued to increases their position and amass the largest ever short in a single currency on European debt concerns. Oh, to be a contrarian! Any reprieve will end with crocodile tears.
The US$ is weaker in the O/N trading session. Currently it is lower against 13 of the 16 most actively traded currencies in another ‘whippy’ trading range.
After yesterday’s futile trading day where volumes and lack of participation did not save us from boredom, the rest of this week is...
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