Emerging market currencies continue to suffer against the Dollar as Mexico touched 11.1000 before backing off on early trading. This is the top end of a channel which has been forming for the past 7mths. I am not a real fan of Technicals but other dealers are clearly looking at this so be careful if we break the top side as it could really run. Please see Bloomberg chart above. I am also sitting short Euro/Usd and will stop out at 1.3048 and am looking to take profit at 1.2686. I entered the position at 1.2912

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