DislikedFrom forex-markets.com:
<<Throughout the course of last week we argued in favour of reducing USD holdings and, instead increasing exposure to the JPY. This was driven by a variety of factors. The first was a belief that after 38 trading days of almost uninterrupted USD gains, this uptrend was beginning to look decidedly strained. ....
Secondly, and more importantly, while we remained medium term USD bulls, short term event risk was growing rapidly. As a result, we recommended substituting long JPY holdings for long USD positions ahead of a weekend of high uncertainty. Our rationale for this was fairly straightforward. Although the Japanese economy might have little to truly recommend it, it at least had the advantage of far less immediate event risk and, importantly, had been a key funding currency for higher risk trades for many years. If risk aversion was on the rise then it should prove a natural beneficiary.>>
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