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FX Week 17 March 2013 |
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FX markets saw an aggressive squeeze on long USD positions as last week came to an end, prompted initially by GBP as Bank of England Governor King made optimistic comments about a UK recovery being ‘in sight’. He also indicated that GBP was fairly valued and said that the authorities were not seeking to talk GBP down. USD longs were also pared against other major currencies including the EUR and the JPY meaning that the markets will start the new week looking for fresh direction. These are likely to flow from central bank activity as well as from broader policy announcements.
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