Note on Currencies

From the action this week, I've noticed that the speculators are crowded into 2 main currencies.  The AUD and the CHF.  They have been underperforming against the euro the and it is probably speculators bailing out ahead of event risk of the G20.  It tells me that the AUD and CHF are extremely crowded longs, and if you are going to play for a sell the news reaction to QE2, shorting those 2 currencies probably gives you the most bang for your buck.