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by Chris Becker
The easy explained meme at the moment is to go long US and short Europe, and this was reinforced last night on the data release flow. The closely watched German IFO survey surprised on the downside with expectations turning negative, but later in the session it was an upside surprise in US home sales.
The result? Again, strong USD – and a big bid in stocks – and a weaker Euro which was smashed through the 1.28 handle, not helped by ECB President Mario Draghi repeating his “whatever it takes” mantra:
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