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JPY Spills Higher on Decent Volumes

JPY
  • We saw just over 3,700 JPY futs contracts cross inside 60 seconds as the spot price fell from 108.55 to 108.24 - that's a cash equivalent of around $425mln and the largest volumes in the pair for that period of time since Feb 19th.
  • Move seemed to coincide with BBG running "Biden Backs New War Powers - Politico" but that headline itself possibly a little misleading given the details:
  • "President Joe Biden intends to work with Congress to repeal the war authorizations that have underpinned U.S. military operations across the globe for the past two decades and negotiate a new one that ends the open-ended nature of America's foreign wars, the White House said Friday."
  • No read-through risk-off move for equities, with the e-mini S&P still higher on the session
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