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10 Nov 2014
USD Corrective Mood Prevails – TD Securities
FXStreet (Barcelona) - The FX Research Team at TD Securities see USD retaining a corrective feel after Friday’s price action saw the dollar slip back on what was only a mildly disappointing non-farm payroll report.
Key Quotes
“We think the overhang of long USD positions—Friday’s CFTC data showed a new record, aggregate long position of more than USD45 bn versus the major currencies has been built up by speculative accounts—is weighing on the USD’s progress. “
“In the absence of any major data releases—new information for the markets—until the latter part of the week, the USD may range with a modest downside bias.”
“We think the overall trend remains higher however, and EURUSD gains are unlikely to extend much beyond the 1.26 area.”
Key Quotes
“We think the overhang of long USD positions—Friday’s CFTC data showed a new record, aggregate long position of more than USD45 bn versus the major currencies has been built up by speculative accounts—is weighing on the USD’s progress. “
“In the absence of any major data releases—new information for the markets—until the latter part of the week, the USD may range with a modest downside bias.”
“We think the overall trend remains higher however, and EURUSD gains are unlikely to extend much beyond the 1.26 area.”