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Wednesday saw Bank of America Research note...>

FOREX
FOREX: Wednesday saw Bank of America Research note that "despite the recent risk
rally, FX markets remain cautious and risk averse with a close analog from 2008,
according to our MAA model. The strongest uptrends among the majors have been
the CHF, the JPY and the USD. For this reason the recent risk rally can be seen
as a correction within the broader defensive trend. Higher beta pairs like NZD
in G10 as well as KRW and BRL in EM remain oversold and have the most upside
after the market sentiment turns around. In addition, the SEK rally is leading
NOK, which is presently the most oversold currency in G10."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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