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Nov 20 - 03:55 AM

EUR/USD - Wise EUR/USD Traders Would Consider Taking Profits

By Jeremy Boulton  —  Nov 20 - 02:45 AM
  • EUR/USD has only traded beyond 1.10 for a few weeks this year

  • Only 11 days traded over 1.1100

  • There is a low probability of sustained EUR/USD rise in 2023

  • It will likely take the start of U.S. easing cycle to spur sustainable gains

  • Traders have added almost 5 billion to long positions in last two weeks

  • Net long now $14.8 bln - largest since Fed's hawkish surprise in Sep

  • Option vol remains suppressed - reason to doubt bigger upside gains

  • Int/rate differentials favour those prepared to sell at elevated levels

  • Elsewhere traders are badly positioned for unexpected USD drop nL1N3CL0G7

Refinitiv IFR Research/Market Commentary


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