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Southafricanrand

USDZAR ShortI like what I see - Will allocate Short on a confirmed break of the blue Trendline. - Volume profile on the Daily suggests price could retrace to +- 12.7-12.57 area. - for the time-being, Fixed Income flows are favourable. - I think the BRICs summit should provide some positive sentiment for USDZAR, who knows, maybe some deals...? Counter arguments: - worried that USDTRY will drag EM complex with it - EM vs `DM carry - will look to yen as a litmus for this theme. - factoring in the above point, we could see a Dollar shortage continue (EM fx will then weaken)
Short
by cgd