While EURUSD reached the highest level since July 2023, FX Flow Monitor shows hedge funds sold some EUR rallies last week. Probably as USD selling screened stretched, hedge funds started to use EUR as a funder to long other G1O currencies like GBP. This trend could continue as EUR selling and GBP buying flows haven't been stretched. Macro Trader recommended selling EURGBP on Aug. 15 - Current 0.846, Entry 0.854, Target 0.845, Stop 1186, and now thinks the pair can hit 0.84 in the near term. - UBS Strategy
Comments