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Dollar Tumbles On Sudden Stop Hunt
For the 2nd time this week, the most-crowded trade in the world is getting exorcised. Just as we saw on Tuesday, The US Dollar is getting monkey-hammered lower driven by heavy buying of EUR (and a stop-run at 1.1500). CAD is also well bid (back under 1.24 against the USD). JPY is the only major that is ignoring this USD dump and is lower on the day… supporting the fundamentals of equity confidence.
The Dollar is getting spanked…
Led by EURUSD… (heavy volume in futures as it ramped to 1.1500) which saw SNB buying earlier in the day to defend Swissy
The huge stop run ius evident in the massive surge in trade count (lower pane is not volume per se) as 1.1500 was pierced…
Let’s see if this USD weakness will hold now the stops have been flushed…
It would appear The BoJ and SNB are locked in a fight to the death…
Source: http://silveristhenew.com/2015/02/05/dollar-tumbles-on-sudden-stop-hunt/
