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Over the past few weeks momentum in FX markets has been a good indicator to pick out currency pairs that may adjust in coming days due to positioning rather than fundamentals.
Here we focus on currencies that have strengthened the mostvs the USD as any turnaround in risk appetite would weaken those first.
The commodity related currencies stand out (BRL, COP, RUB, MYR and CAD) which are all the furthest away from their 200 day moving averages. Interestingly USDPHP has now retraced beyond all 50, 100 and 200 DMAs. On the other end, MXN, ZAR and GBP still trade at a discount to the 200 DMA.
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