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USD/JPY recovers; trade whippy
By Jamie Coleman || October 31, 2008 at 13:18 GMT
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It remains a total crapshoot out there with prices swinging around based purely on supply and demand. There is very little speculative interest to offset legitimate flows that trickle into the market from time to time. With volatility still high, every time the market begins to become directional options market makers who are short volatility are forced to sell falling markets and buy rising markets. Once markets snap-back, they have to do the opposite. That creates lost of churning and burning and little rhyme or reason.
USD/JPY is back t 98.50,m supported by a 100 gain in the Dow and a rebound in emerging market shares. Brazil is back to flat after being down heavily all day, for example.
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