USD bulls are gaining momentum with the net position increasingto $38bn. Traders have been long USD since June; however theposition was not broad, held almost exclusively in EUR and JPY.This week there was a change with the net position shifting to longUSD against CAD, AUD and MXN; leaving only GBP held as netlong. This broadening of momentum warns that the USD rally isstrong and leaving the near-term risk favouring USD upside.
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