EUR/JPY was the big mover yesterday, falling over 3% from peak to trough. EUR sentiment turned negative after the Finnish election and what remains to be seen is whether this is a temporary event or whether it will last for days or even weeks.
What seems obvious is that we are still in a big ugly contest in the FX market. Whether it’s the EUR, the USD or the JPY, the market is basically bearish on all three of the big currencies but it’s pretty hard to be short all three at the same time. We can expect these big swings and roundabouts to continue.
Good luck today.
