Huge moves afoot on the crosses

  • EUR shorts are being seriously squeezed across the board. The failure to make fresh lows despite ongoing uncertainty re Grexit caused a massively short market to book profits.
  • The AUD has pulled back sharply from levels above .80 cents with the market betting on another 25bps rate cut from the RBA next week.
  • AUD/NZD, EUR/GBP, usually stable crosses have seen some significant two-way gyrations, with plenty of doubt now in the market.

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