Friday, October 22, 2010

Ahead of the G20

The G20 meeting is this weekend, and that can be viewed as event risk for those holding substantial currency positions.  Most of those speculators would be short the dollar so they have probably been paring back their short dollar positions.  I'm sure nothing will come out of the G20 like always and it will be back to more dollar selling.  That is why I can't be too bearish here because I think the dollar will continue the downtrend next week.

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