I find FX markets caught in strong cross-currents. This is a treacherous environment. The USD has rallied substantially, pushing the EUR sub 1.1700.

We feel we may see some 2-way price action and some consolidation before the next major move. We feel it is best to stay liquid and not over commit risk capital at this juncture. There will be ample opportunities to generate alpha, there is no point in forcing a view or curb fitting a chart.

We remain vigilant, but are very patient here.