On the surface, it would appear that the latest IMM Commitment of Traders report shows that the market hasn’t got a clue where many currencies are going. According to research put out by Standard Chartered this week, the net speculative positions taken out on the CME against the US dollar amounts to just $177 million. “The fact that the balance remains so small – whether for or against the USD – reflects the degree of uncertainty in the market over relative economic prospects,” the banks says.
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