The precious metals, the JPY and the GBP have been the main sufferers at the hands of a bouncing USD with the CAD and NZD not far behind. The EUR and AUD remain strong on the crosses but are also losing a bit of ground against the greenback. The prospect of a Trump presidency is looking increasingly unlikely which would seem to be the main reason for the USD bears exiting the market en-masse.
It would seem that the market was significantly over-positioned in Gold, Silver and JPY in particular but I for one remain willing to take on the cable bears, if and when exhaustion starts to set in (so not yet!).
I’m not seeing any easy trades at the moment so I’m happy to sit and hope for some obvious opportunities when vol is high.
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