EUR Shorts Hit New Record
Another week, another record bet on EUR currency collapse: this even in a countertrend week, when the EURUSD actually soared by over 300 pips. In other words, not only did shorts not cover, as some have suggested, they doubled down on losing positions, in the process bringing total net non-commercial spec contracts to -160K from -155K the week prior. As a result, should the EUR snap over the psychological barrier of 1.300 which it almost did in the overnight session by 15 or so pips, or should the CME hike EUR margins, we may promptly see a move in the pair comparable to the 300 pip surge experienced when the expanded QE1 was announced on March 18, 2009.
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