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Is the Middle East covering a short?

|Includes: FXB, CurrencyShares Euro Trust ETF (FXE)

Either they are diversifying reserves like it is going out of style, thanks to the $10 rally in oil in recent days, or they are covering a short in EUR/USD and GBP/USD like everyone else in the world. Either way, Middle Eastern accounts are steady buyers on every dip, traders report. They are getting the blame for the frantic rally from the 1.3890s o to the 1.3950s a short while ago…Either they are diversifying reserves like it is going out of style, thanks to the $10 rally in oil in recent days, or they are covering a short in EUR/USD and GBP/USD like everyone else in the world. Either way, Middle Eastern accounts are steady buyers on every dip, traders report. They are getting the blame for the frantic rally from the 1.3890s o to the 1.3950s a short while ago…