Last week I outlined a scenario where Fed members were likely to push back on imminent rate cuts and spur short-covering on the US dollar. And so far, that is playing out well. I continue to suspect the US dollar has upside potential in the coming weeks, although it a it is now retracing lower on the daily chart. Fear not, as this could provide bullish opportunities at more favourable prices as the week develops. It is also interesting to note that traders were increasingly bearish on AUD/USD futures ahead of a large job growth miss, and that net-long exposure to GBP/USD futures remain on the rise. And that could ... (full story)