The "short US dollar" positioning should be concerning for sellers and that's what I've been highlighting since late April. In fact, the greenback continues to trade more or less around the April levels against most major currencies. I mean, just by looking at the chart below I would be very uncomfortable being on the short side without very strong reasons.
The risks that became more important are "inflation causes the Fed to hike" and "credit event driven by disorderly rise in bond yields". These two are connected because they would both be driven by the Fed's reaction function. I've been highlighting that the next macro risk for markets would be inflation and/or failure of Trump's tax bill.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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