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- New trades include two opposing views on dollar.
- Two new longs on over sold dollar – short EUR/USD added and long EUR/USD exited.
- Two new trades on short dollar long EM added. Short USD/MXN and Short USD/ INR.
- New long crypto position added on the back of impressive price action in precious metals. Some profit taking on long silver position, likely to add back post FOMC.
- The most popular trade is still long gold followed by short USD and short EUR.
Bilal Hafeez is the CEO and Editor of Macro Hive. He spent over twenty years doing research at big banks – JPMorgan, Deutsche Bank, and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)