We found the near perfect entry point into the USD. While most investors were selling the USD in pre-market US trading, we expected a rally and positioned against the market as we often do. We expected tapering NOT to be fully priced in (especially after other central banks, most notably the ECB and RBA positioned dovishly recently). Our CHF/JPY also rallied massively as the JPY additionally weakened after a rebound yesterday. We are tightening our SLs.
