Fridays CPI reined in the attempted bounce by the Greenback although the muted reaction showed not too many traders are long the $US. Medium term we remain bearish both fundamentally and technically but its already fallen a long way leaving us on the sidelines for now.
- After the late January recovery from new multi-year lows we have to put the $US in the too hard basket, at least for now.
MM is now neutral towards the $US around the 97 level
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