Top-ranked Calyon bets against USD
"Our view was that the retracement we were seeing at that point in EUR/USD would not necessarily extend," said Daragh Maher, senior foreign exchange strategist at Calyon in London. "We felt that there was too much bad news still to be digested on the US economy, and that we'd likely see a move back up towards 1.60."
This was led by expectations of ongoing weakness in the US housing market and the resulting downside risk to consumer spending. The Conference Board Consumer Confidence Index fell to
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