Central banks: the gorillas of FX
"An overbearing entity in a specific industry or sphere of activity." That's one definition of an 800-pound gorilla, and is an apt description of foreign exchange reserve managers in today's market.
It looks as though FX reserve managers have been the drivers of the most recent wave of USD weakness, and partially explains why currencies such as the EUR and GBP continue to outperform even at these elevated levels.
For many years, the speculative community has been at the leading edge of trends in
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