USD: Positioning once again favours the dollar says BNP bank

The dollar's recovery intervened when there were not many catalysts for this yesterday, suggesting that the bullish position of the dollar has been sufficiently reduced last week says the BNP.

"Our position indicator indicates that the bullish positions were reduced yesterday to a level that we had not seen since last summer, before the market adjusted its position to the rate discrepancy between the Euro zone and the USA." adds BNP.

"We remain bullish on the dollar even though the statistics and communications issued by the Fed this week will probably not have the power to support the dollar. We remain on the sidelines for now."