· The USD remains heavy, leaving many perplexed as to what is going on.
· EURUSD’s move of 30-pips in 30 seconds this morning, on no news, perhaps explains the poor liquidity conditions present in the FX world likely driving these surprising moves.
· Spot made a high of 1.1343 today and banks and leveraged names led the buying, giving our global flows a 52% bias towards buying, as we go to publish.
· From here the levels of 1.1380 and 1.1450 remain the key and possibly where the heavily short positioned market starts getting panicky.
· Remember, Citi global flows report shows that EUR was sold on net by all four of our client types last week, despite the mid-week EUR rally. +
(Citibank)
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