Short dollars on FOMC action?
There will be money to be made at some point between now and the upcoming FOMC decision by selling USD. No doubt, whispers will spread about Fed action and QE3 in mortgage bonds is the flavor of the day.
I’m not crazy enough to predict QE3 but a solid hint from Bernanke & Co. will have nearly the same effect on USD.
The trick is the timing and the other side of the trade. On 1) I would say sometime around the US stock market open but after ADP jobs. On 2), the yen is out the risk of intervention and likelihood that stock markets will cheer the news. Commodity currencies would be a good choice but a lower risk choice may be gold.