The Euro (EUR) was the driver of the market via the EUR/JPY cross which fell to Y124 at the start of Europe before running into what is being called a ‘monster’ EUR/JPY buy order out of the Middle East. In one of the sharpest moves higher in recent memory we saw Sovereign names from the Middle east appear aggressively on the buy side in what many analyst assume is a foreign reserve shift away from the Japanese Yen.
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