It would seem that if we are moving into a bit larger correction mode here, then the likes of NOK might be a higher beta currency and see an especially sharp correction vs. the greenback due to the popularity of carry trades pairing the USD with commodity currencies.A squeeze in the short term could introduce surprising volatility to the upside in the short term. The JPY/NOK might even be a bigger mover if bonds find encouragement after today's US auction results.
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