After a week of punishment, precious metals are kneejerking higher this morning on the heels of a Citi FX note explaining they are cutting all USD longs – “This is an opportunistic exit as we feel we may be due for a squeeze of USD long positions similar to what happened at this point in the cycle last year.” The USD Index is sliding quickly and Treasury yields inched higher (but remain -1.5bps despite equity strength).
The USD Index is slding..
and PMs are moving higher…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1soWXxA Tyler Durden