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Hardy: How I'm trading EURUSD

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Last week the Euro fell to an eleven month low against the US dollar. So what’s the outlook for Eurodollar? Saxo’s John Hardy says in the medium term EURUSD could go even lower but he’s concerned that it’s already fallen ‘so low so fast’.

John’s last trade was on Friday when he sold EURUSD towards 133. He took profits on Monday morning at the 132 level.

The Dollar itself is still strong against other currencies. Hardy says that although much of this strength is based on the negativity surrounding a weaker Europe, he’s still surprised. Despite there being much talk about the Federal Reserve hiking interest rates, he points out that no-one knows when this might happen.

As for ECB president, Mario Draghi, John notes that he stole the show at Jackson Hole because of his comments about inflation. He says there are reasonable odds for a new policy move by the ECB. But he asks will the Central Bank actively engage in Quantitative Easing?