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USD upbeat momentum remains intact – Scotiaban

FXStreet (Edinburgh) - Camilla Sutton, Chief FX Strategist at Scotiabank, suggests there is still room for further USD appreciation.

Key Quotes

“USD bulls are gaining momentum with the net long USD position reported by the CFTC increasing to $38bn”.

“Traders have been long USD since June; however the position was not broad, held almost exclusively in EUR and JPY”.

“This week there was a change with the net position shifting to long USD against CAD, AUD and MXN; leaving only GBP held as net long”.

“This broadening of momentum warns that the USD rally is strong and leaving the near term risk favouring USD upside”.

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