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Interesting Case Of The Euro
Posted on 06/30/2008 09:04:24 | Link | Post Comment
The situation on the Euro is quite interesting this week, as the COT results show that everyone has basically left the building. The large specs are all but gone, and the small specs have more than twice the net long positions. Commercials are net short the total positions (they have the other side).
This is probably because (as you would have read no doubt) the large funds have been piling into crude oil instead and helping to push up the prices we see now. Does this mean that half the worlds managed funds could get caught at a top? They wouldn't do that to us, would they?
They are doing it because the rumour is the oil could up to 1.70 - its all just a big giant casino really isn't it.
So the Euro looks like an abandoned baby at the moment although it looks like it could break 1.58 next week and test 1.6000, and if that doesn't happen I guess we're still range bound back to 1.54.
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