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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access/JAPAN/KOREA: *** Traders noted........>
US TSY FLOWS: /JAPAN/KOREA: *** Traders noted black box funds have been buying
Tsys in the correlated trade today as Japanese yen rises vs US$, in the US Tsys
buy/yen buy/US$ sell/stock sell trade (and they do reverse trade when dollar
rises but dollar just off the day's lows). "The algos have that relationship
working, and they are using it right now," said one trader. "But this does not
make sense. It's the most asinine trade I've ever seen: Japan is right next to
N.Korea," so to rush into Jpn yen as a safe-haven trade is risky due to
geographics involved, said the trader.
- But a different veteran trader said the US$/Yen/Tsys correlated trade is "the
only thing" going on as "market is very quiet." Tsys market "went up overnight
on those N.Korea headlines" about N.Korea dictator threatening to set off a
hydrogen bomb, he added.
- This has caused "trading shorts" who set shorts after the FOMC meeting and
hint of December tightening, to have to cover positions into the weekend, he
added. He argued against the idea that buying yen amid N.Korea missile threat is
illogical, as "the yen is always a safe-haven" refuge.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.