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BNPP: How to position in the euro and the dollar

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The USD continues to struggle to regain momentum, notes BNP Paribas.
"US front-end yields have remained stuck near the very low levels reached during the peak of risk aversion last week despite an upside surprise on US September existing home sales, depriving the USD of a catalyst for recovery," BNPP adds.
How to position?
1- "We remain constructive on the USD but accept that it may take time to repair the damage of the past two weeks and would be careful of trading the USD from the long side just now," BNPP advises.
2- "We remain more constructive on short EUR-cross positions, with Tuesday's Reuters report suggesting the ECB could be moving towards broadening its asset purchase program, notwithstanding ECB denials, likely to encourage use of the EUR as a funder as the risk environment stabilizes," BNPP adds.

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