Well it’s Friday, thankfully for those of us who got side-swiped by that un-numbered bus overnight, and it’s risk-off day. After the events of last night and the moves in pairs like AUD/JPY, one would have to surmise that the ‘risk-off trade’ is to be long these pairs. There was a mad scramble to square up positions before the long weekend in the US and if we see a continuation of this in Asia then we could see further short covering. I personally doubt it, Asia has recently been doing the exact opposite of overnight moves. Let’s wait and see.
Good luck today, poets day, and TGIF.
