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EUR:
- This is the third week Citi is celebrating the EUR has been sold aggressively by Citi’s client base:
"Overall, this highlights that the Greek risk is not a predominant driver of positioning, but that rates and policy expectations are. With the ECB highlighting policy will remain unchanged deep into 2016, there may be a pause in the heavy EUR selling." - By the way, Citi is estimating some pausing in aggressive EUR bearish tendency for now.
GBP:
- Citi is predicting an another round of GBP strength:
"Leveraged accounts were the strong buyers of GBP in the past week, after BOE signaled earlier rate hikes were likely. However, Real Money, which has long been a GBP buyer failed to follow through."
