{"id":68267,"date":"2015-02-18T08:07:48","date_gmt":"2015-02-18T13:07:48","guid":{"rendered":"http:\/\/countingpips.com\/?p=68267"},"modified":"2015-02-18T08:07:48","modified_gmt":"2015-02-18T13:07:48","slug":"the-currency-war-has-expanded-to-new-fronts","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/02\/the-currency-war-has-expanded-to-new-fronts\/","title":{"rendered":"The Currency War Has Expanded to New Fronts"},"content":{"rendered":"
February 18, 2015<\/div>
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By Elliott Wave International<\/h3>\n

Editor’s note: This article was adapted, with permission, from the February issue of The Elliott Wave Financial Forecast, a publication of Elliott Wave International. All data is as of Jan. 30, 2015. Click here to read the complete version of the article, including specific near-term forecasts, for free.<\/a><\/span><\/span><\/i><\/p>\n

The “Currency War” we discussed in our October issue of The Elliott Wave Financial Forecast<\/i> and again in the January issue has expanded to new fronts, as world central banks fought to remain economically competitive by trying to push down the value of their currencies.<\/p>\n

Singapore became at least the ninth nation to “jump on the easing bandwagon” in January, employing loose monetary measures designed to reduce the value of the Singapore dollar.<\/p>\n

Our long term bullish forecast for the U.S. dollar remains on track, and this month the Dollar Index jumped to 95.527, retracing 50% of its decline from 121.020 in July 2011 to 70.700 in March 2008.<\/p>\n

\"Everyone
\nSome chart labels have been redacted to preserve value for EWI’s paying subscribers. To get access to the fully labeled chart, click here.<\/a><\/span><\/p>\n

Short term, the rally is stretched like a taut piece of rope: Prices have closed higher for 30 out of the past 39 weeks. Recently, a 10-day average of a poll of currency traders (courtesy trade-futures.com) showed 93.7% dollar bulls, an all-time record high. Also, Large Speculators in futures and options, who are generally trend-followers, now hold an all-time record net-long position of 72,897 contracts, as shown on the above chart.<\/p>

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The extreme in these measures shows the strength of the rally but also reflects a trend that is ripe for a correction.<\/p>\n

Click here to continue reading the complete version of the article\u00a0as part of a lengthy excerpt from the newest issue\u00a0— including specific market forecasts, fully labeled charts and more — 100% free.<\/em><\/a><\/p>\n

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This article was syndicated by Elliott Wave International and was originally published under the headline The Currency War Has Expanded to New Fronts<\/strong><\/a>. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.<\/em><\/p>\n

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By Elliott Wave International Editor’s note: This article was adapted, with permission, from the February issue of The Elliott Wave Financial Forecast, a publication of Elliott Wave International. All data is as of Jan. 30, 2015. Click here to read the complete version of the article, including specific near-term forecasts, for free. The “Currency War” […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-68267","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/68267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=68267"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/68267\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=68267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=68267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=68267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}