We saw the possibility of future rate hikes drop significantly in the US after a week of negative US data reports, but the greenback still gained on most of the major currencies. I don’t get it – isn’t the opposite supposed to happen? Well, in a sensible and rational trading world then yes, but whoever said that the markets always made sense? It’s been a crazy summer of trading, and it will be interest to see where currencies if the FOMC continues to pause rate hikes and the rest of the world tightens…
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