NY Open: Who let the bears out?
There's a storm blowing down Wall Street as yesterday's tech rout gathers pace and blasts leading indices lower still, while in FX, a resurgent greenback picks off the G10 majors.
Head of Commodity Strategy, Saxo Bank Group
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Despite some emerging signs of consolidation speculators nevertheless increased their bullish dollar bets against nine IMM currency futures by a net 8,000 lots, or $0.3bn, to $24.5bn in the week to August 21. This was the week where the dollar retraced some of its recent gains after President Trump went on the attack against Federal Reserve chair Jerome Powell for raising rates and thereby supporting the stronger dollar.