Looks like the ‘race to the bottom’ also picking up pace

The Big 3 used the Jackson Hole symposium to stay in the race to the bottom. Ms Yellen from the Fed was the least dovish, but she was still more cautious than many had hoped/expected, whilst the ECB and BOJ made no secret of the fact that they will stay in aggressive easing mode for some time to come.

Like I said earlier, being long AUD and CAD against the EUR and JPY certainly makes fundamental sense. As always it becomes a matter of getting the timing right.

I’m avoiding the other majors (for medium-term plays) because sentiment towards the USD remains moderately bullish and long positioning in GBP and NZD is still an important factor.

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