While pundits whaled about bond vigilantes and deficits last week, that didn’t translate into fears for the dollar.
From Morgan Stanley:
We saw the largest USD buying since the beginning of June last week. Moreover, USD was either flat or net bought against every G10 currency. That said, there remains a large USD short base, as our clients have sold the dollar for 23 out of the past 27 weeks. This week’s strong USD buying interest was driven mostly by the leveraged community.
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