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Jul 09 - 05:00 AM
USD/JPY - With No USD/JPY Longs To Chase Fed Cuts Become An Upside Risk
First appeared on eFXplus on Jul 09 - 03:05 AM
  • USD/JPY traders have purged all their longs bets IMM/FX
  • USD 11bln sold to fuel the drop from 112.40 end Apr to 106.78 end Jun
  • July, USD/JPY rallies to 108.89 today. Jul 11 CPI may cap
  • Fed cut eats into possible i/rate returns but also boost risk appetite
  • Low vol combined rate cuts will fuel carry trades, JPY sales
  • Without volatility USD shorts @ 2.25/2% are unappealing & vol still low

JPY shorts and usdjpy Click here

Source:
Refinitiv IFR Research/Market Commentary

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