Big banks strongly bullish USD - FXWW (Barcelona) - On the back of month-end flows from US corporates and asset managers, Sean Lee, Founder at FXWW, highlights the growing number of big-bank research notes turning very bullish on the USD.

However, Lee feels that the market may be getting ahead of itself; "Purely from a trading perspective, whilst the overbought AUD and JPY have undergone major readjustments against the USD, none of the other majors are showing strong trending signals and still seem to be in sideways trading modes" Lee notes.

Looking at the USD/JPY, Lee believes that the pair still has weeks if not months of broad range-bound trading to offer, especially during the summer period of July and August. While Lee does not overlook the fact that the market remains bullish overall after the big move off lows last November, "it has yet to regain 100.00" to upgrade the technical outlook. Lee notes that big macro players are still structurally long, and while "It may go higher eventually but for me its trading like a pair which will stop out both bulls and bears for weeks, even months to come" Lee added.