Saxo: The world got it wrong


In the run-up to the November 3 announcement, the market had already moved into extreme-territory pricing in EUR/USD, from 1.27 in August to 1.40 in mid-October, noted John Hardy, senior strategist at Saxo Bank.

"My overall view was that the Fed's announcement of quantitative easing would prove somewhat anticlimactic and be a positive turning point for the US dollar, since the market had already swung to an extreme ahead of the event," he said.

Hardy maintains his positive view of the US dollar

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