Cutting the cost of dollar calls
Background: With the USD having hit its lowest levels since the first half of January, we feel the market is underestimating the potential for rebound over the next six months. In particular, the US economic rebound, combined with the Fed’s steady pressure on rates, the absence of either eurozone growth or inflation pressures and the repatriation of US corporate profits from abroad makes this an attractive point at which to buy some USD upside.
The market was disappointed when the 1.28--1.31
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