There is no doubt that it's a crowded trade and anytime a trade gets overcrowded everything needs go perfectly to keep it going. Today there was a pair of economic data releases that were far-from-perfect. The S&P Global services PMI fell to the lowest since April and the UMich consumer confidence survey was revised lower.
That's been enough to launch a 140-pip squeeze higher in cable to 1.2490. So far offers at 1.2500 are holding but it's been a big move that builds off a similar-sized pop last week.
Similarly, Christine Lagarde said this:
"If European leaders can get their act together and respond to this existential threat, there is a huge potential for Europe to respond to the call," she said.I believe that the best place to invest in the developed world for the next decade will be whatever country figures out how to build things again. There is a growing consensus that the red tape is unbearable but solving it is no easy feat.
This article was written by Adam Button at www.forexlive.com. Read More Details
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