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Asia Hedge Funds Used Post-CPI US Dollar Dip as Buying Opportunity
Macro funds in Asia used the dollar’s drop Thursday as an opportunity to buy it, in particular against the yen, according to traders. A Bloomberg gauge of the currency hit a one-month low after data showed cooling US inflation before recovering through the session and extending gains early Friday. The dollar-yen fell briefly below the 154 level Thursday before it too pushed higher. Investors in Europe also took Thursday’s dollar weakness as an opportunity to buy it against the yen, albeit in modest amounts, according to Antony Foster, head of G-10 currency spot trading at Nomura International. The yen’s bounce ... (full story)