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May 09 - 09:48 AM
USD: Caution Entering Any Contrarian Short-USD Positions N-Term - Credit Agricole
First appeared on eFXplus on May 09 - 08:30 AM

Credit Agricole Research discusses the USD outlook and advises caution on entering any contrarian short-USD positions in the near term. 

"The move in USD is still to be met with broader client support...The entrenched USD-bearishness of the clients may suggest that the recent correction should not evolve into renewed uptrend. That said, the lack of client participation in the recent FX moves may further highlight the considerable size of the USD-shorts in the market.

Subsequently, an extension of the recent currency appreciation may force more USD bears to unwind their positions adding momentum to the trade,' CACIB argues. 

 

Source:
Crédit Agricole Research/Market Commentary

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