Long-term USD positioning helps GFT
CURRENCY FORECASTS
Paul Jamgotch, managing FX dealer at GFT in Ada, Michigan, said the firm's long-term view on USD in early 2006 turned bearish for several reasons. This was mostly against EUR and GBP, with the firm believing that Asian policy would keep a significant dollar call from fully materialising.
From a technical standpoint, GFT felt the EUR and GBP lows had been posted since December 2005. Since it appeared that the 38% retracement from the 2001 lows and 2005 high would hold, GFT felt the USD bear was
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