Last night felt like an over-reaction to the poor economic news coming out of the US. Although the long-term picture has not improved (it is materially worse), I traded out of half my position at 96 (which was all the forex market lifted me for). I believe that there will be an opportunity to re-enter this trade, and I look forward to doing so. However this concludes one of the most violent weeks of currency movement, and I believe that the markets had become overly emotional. I hope to re-enter this trade at close to par.
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