The theme in this office seems to be that the big looming risk events will encourage more serious profit taking over the next 10 days before the USD selling resumes in force.
Mid-term elections on Nov 2nd, FOMC on Nov 3rd, US unemployment on 5th and the G20 on Nov 10th/11th are all big risk events. Volatility will remain very high, the USD will be sold on any big rallies as sentiment remains bearish but USD dips will also be used to book profits over the next few weeks. Then in mid-November the USD-selling will resume big time.
That’s what these guys think.
