Back
4 Jun 2013
Flash: USD liquidated on soft US data - BMO Capital Markets
FXstreet.com (Barcelona) - BMO Capital Markets analysts note that weaker US data, provided the excuse for USD liquidation yesterday afternoon across the board.
They regard USD weakness as a buying opportunity with short term positioning looking a lot cleaner. They comment, “That’s not to say we are completely done, and Fridays data will obviously be very a significant event, but overall I feel happier reloading usd longs in USD/CAD sub 1.0300 and USD/JPY with a 99.00 handle, as overall I think we remain very much within a USD uptrend. USD/JPY will remain very sensitive to the Nikkei though and a dip towards 97.80 cannot be totally discounted.”
They regard USD weakness as a buying opportunity with short term positioning looking a lot cleaner. They comment, “That’s not to say we are completely done, and Fridays data will obviously be very a significant event, but overall I feel happier reloading usd longs in USD/CAD sub 1.0300 and USD/JPY with a 99.00 handle, as overall I think we remain very much within a USD uptrend. USD/JPY will remain very sensitive to the Nikkei though and a dip towards 97.80 cannot be totally discounted.”