The greenback correction
CURRENCY FORECASTS
"We had a view that many in the market had excessive speculative long dollar positions," Stretch told FX Week.
"Looking at a composite basket of major currencies versus the dollar (ex-Mexico) within the Commodity Futures Trading Commission (CFTC) report indicated that dollar longs had, in May, reached six-year highs."
"While the US data has proved to be dollar-supportive, the need to unwind such extended positions precipitated Rabo's anticipated greenback correction," he said.
"Although there
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