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Why the dollar's pushing down the yen
Saxo Bank traders are seeing a great deal of interest in the Dollar/Yen trade ahead of elections in Japan on Sunday. In the FX Options Market, they're seeing many people trying to buy one, two and three week upside options with a strike ranging from 102 to 105.
Earlier, there was a big sell off in the Nikkei index. There's speculation that was triggered by a large stop loss order.
Elsewhere, markets are fairly subdued. With little European data to give direction, traders are looking at ranges of between 1.3080 and 1.3180.
01:11 minutes
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