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#SaxoStrats - Why I'm buying EURUSD

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The US dollar is on the defensive following China's decision to devalue its currency last week. Saxo's John Hardy explains that the worry is that the Fed will delay a rate rise over fears that China is now exporting deflation. 

In this #SaxoStrat, Hardy says risk appetite is 'wobbly'. Until more economic data next month, he thinks USD could continue to trade defensively which is why he's eyeing EURUSD.

In this video, John looks closely at the levels including:
Entry: 1.1095-1.1115.
Stop: 1.1045.
Target: 1.1310.
Time horizon: one week.

You can read more about John's trade here.