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4 Jun 2013
Flash: USD hit by poor US data - Societe Generale
FXstreet.com (Barcelona) - Societe Generale Strategist Alvin T. Tan notes that the USD was hit broadly yesterday after the poor US ISM manufacturing data release.
He writes, “DXY traded almost to the bottom of the rising channel from early February. At one point USD/JPY traded below 99, though it has recovered most of yesterday's losses on the back of the risk-on mood this morning. We noted last week the danger of a yen short squeeze given the extreme short positioning in the market.”
He writes, “DXY traded almost to the bottom of the rising channel from early February. At one point USD/JPY traded below 99, though it has recovered most of yesterday's losses on the back of the risk-on mood this morning. We noted last week the danger of a yen short squeeze given the extreme short positioning in the market.”