<p>Bank of America’s fund manager survey released this month said US dollar longs were the most-crowded trade on the planet.</p><p>When that kind of thing unwinds, this is what it looks like. </p><p>US dollar longs are scrambling to the sidelines at the moment after Daly indicated no plan to hike more aggressively. The S&P 500 is now up 2.5% on the day.</p><p>In terms of FX, cable is up 62 pips to 1.1296 from a low of 1.1061 in a powerful turn.</p>

This article was written by Adam Button at forexlive.com.