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The dollar was looking perkier all of a sudden this morning, pushing the pound briefly lower. It’s come back almost entirely, as you can see in the chart below.
A quick little survey of our newsroom FX specialists tells me these moves are mainly because dollar shorts are taking profits. This roughly translates as: people who were betting on the declines in the US currency have done well lately, so they’re trimming some of those positions and locking in gains. A technical move.
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