Asia never got out of second gear today although it did manage to sell a few US Dollar’s with EUR/USD up around 50 pips from its NY close whilst USD/JPY is down around 20 pips. The market appears to have moved into Fed meeting mode although positioning still looks stretched – short US Dollars. The Bloomberg story Sean mentioned earlier was one of the reasons given for the US Dollar weakness however bond traders still have the view Bernanke is going to do more than outlined in Jon Hilsenrath’s WSJ article.
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