USD Trading Outlook (07-06-2013)
There was some quite unbelievable volatility at times yesterday and the amounts flowing through the market were simply massive. Asset managers are trying to exit long-term structural interest rate plays and macro funds are trying to book profits on long-term Yen short positions. All of this is adding up to mayhem at times.
It’s NFP Friday, usually a volatile day anyway, so we should prepare for some extra fun and games, with the focus remaining on USD/JPY in particular (which was over 3% lower on the day at times yesterday).
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