The equity market's overwhelmingly positive response to yesterday's rate cuts has reassured investors that global market volatilities will remain at low enough levels to begin reestablishing long carry trade positions. Now whether or not yield-seekers put the carry trade back up to mid-July levels is another story altogether. But there is still room to move further to the upside.

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Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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