The $US (Greenback)

The $US dollar had recently benefited from a weak Yen and Euro, courtesy of political surprises in France and Japan, but last week saw outright defensive style buying of the Greenback on trade worries. The “easy money” of trading the bounce in the $US is already behind us, but short term, the $US is a crowded trade which vulnerable to a further squeeze.

• No change, we can still see the $US squeezing up towards the 100-102 area into Christmas.