Dresdner driven by greenback
Niels From, Frankfurt-based global FX strategist at the German bank, said market expectations for Fed Funds adjusted after a string of unexpectedly positive US activity data during May. This left the market wondering whether recent softness in the US economy was nothing more than a mid-cycle slowdown. Amid this adjustment, risk reversals signalled that positioning in EUR/USD was turning neutral after a period of stretched long positions.
“We inferred the EUR/USD correction was maturing and
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