Sometimes currency trading is exhilarating. Other times it is like watching paint dry. And in some circumstances it is like trying to track a storm. In the last "storm update" we made about the dollar, aka Hurricane Usedelia, on September 5 we reiterated our long held view that, "Our expected strong rally in USD from January to June would be followed by a renewed slide from September to December."
We were early to begin our coverage of the storm and we also told clients that the "easy" money would be made in the first run, while the second half correction in USD would be daunting to track.
So far this year, the biggest surprise to us has been the unbridled passion for gold amongst speculators while they shun similar low yielding safe haven currencies such as the Swiss franc. Below we show a synthetic Commitment of Traders report of the Gold/CHF trade.
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