FX Correlations Diverge On Better US Data

Friday’s US Retail Sales smashed forecasts with an outstanding 1.3% increase in November (against consensus forecast of 0.6%); ensuring that for the second week in a row, FX markets were left running for the exit of short USD bets. The dramatic slump in EURUSD from 1.4776 down to 1.4586 stood in stark contrast to the higher close for equity markets, and really underlines the divergence between…

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