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Hardy: Why USD moves will be about more than just data

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In terms of what's going to move Forex markets this week, Saxo's John Hardy says the focus will be on more than just US data. He says he's looking at last week's sell-off in European bonds and the effect on European equities. Is the market going to calm down, he asks.

Hardy also discusses where the most interesting places are to express USD strength. He says the obvious is to look for EURUSD to fall back. But he also examines the commodity currencies, in particular the Aussie and the Kiwi.

John's been proved right that Cable over-extended last week. And that Euro Sterling was one to watch. He says EURGBP could be another way to look for EUR to revert back to the downside.