Money managers and hedge funds flocked to the dollar during the week ending November 20, according to data released late due to a US holiday on Friday. During the week some seven billion dollars were bought, primarily against JPY, EUR and GBP. It also helps to explain some of the dollar weakness seen since then as the lack of follow through dollar buying triggered some long liquidation. The short JPY position begins to look extended and short sellers will be wary about any signs of JPY strength.
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