Macro Morning: Golden crunch

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By Chris Becker

Last night saw a repositioning in commodity risk to further downside as the currency proxies were slammed alongside the actuals, namely oil, copper, gold and iron ore.

This wasn’t a new move or anything unexpected (hyperbolic economists on twitter aside) but rather a stronger application of selling torque as technical levels were breached and more justifications were made to rejoin an overcrowded USD long trade.

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