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The "crazy" session on the forex market
It's been a "crazy" session for dollar yen in the past twenty-four hours, according to Saxo Bank Forex traders this Wednesday. After US job figures on Tuesday, it traded higher. But news from China sent the Nikkei right down and USDJPY followed suit. There are indications that the retail market is particularly long positioned in dollar yen which means that some stops are looming to the downside.
There's also been a lot of activity in the Aussie dollar. News that Chinese banks had written off written off considerable amounts of bad loans led to falls in the AUD. And there's also interesting news emerging in the options market where volatility is extremely low.
01:28 minutes
Tags: aussie, aussie dollar, bad loans, bank write offs, china, china banks, china loans, currencies, currency, dollar, dollar fall, dollar index, dollar rise, dollar yen, foreign exchange, forex, fx, jpy, low volatility, nikkei, options, options market, saxo traders, trading, trading currencies, tradingfloor.com, usd, usdjpy, volatility, yen