DJ- Over the last 18 months, the biggest moves in the dollar haven't happened right after highly followed events such as releases/speeches from the Fed and monthly jobs data. "Surprisingly, often the biggest moves occur a couple of days after," notes Citi. That matters for a number of reasons. Investors often pay a premium to trade the currency on central-bank days. Moreover, while positioning is often a major currency driver, Citi found little correlation among positioning indicators on those key days. "This is possibly because these are days when the perceived new information is overwhelming."
