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Up until the QE∞ announcement, euro traders have generally been trend-followers, says...

  • Wednesday, October 10, 2012, 11:35 AM ET
    Up until the QE∞ announcement, euro traders have generally been trend-followers, says CitiFX, but since, traders have gotten bearish even as the currency is basically flat. Combined with Citi's belief the euro is trading 300 pips rich to its swap-spread and the group recommends selling any rallies in the currency.
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    Citi has been dismally wrong on the euro. If they put their money where their mouth is, they've lost quite a load already. Maybe they've hedged that selling expensive upside calls on gold.
    10 Oct 2012, 11:51 AM Reply Like
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