TAG | CHFJPY
The CHF/JPY and USD/CHF were clear winners in the overnight, and the shift among the safe havens will continue.
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My bias has shifted on the CHF/JPY, now that it’s clear the SNB lacks the credibility to intervene meaningfully, nonetheless peg the currency.
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Staying Flat; Eying EUR/GBP, USD/CHF, CHF/JPY
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Staying flat while volume remains low.
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The Franc-Yen pair is particularly unique among the major currencies, as it represents two of the major safe haven currencies. The pair moves primarily on one gauge in markets denoted by risk-aversion: origin of sentiment.
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The Franc-Yen pair is particularly unique among the major currencies, as it represents two of the major safe haven currencies.
View full post on DailyFX – Analyst Picks
The unwinding of the Swiss Franc does not necessarily mean the unwinding of risk entirely; in fact, with the Greek situation in the background for the time being, it’s more likely that global shocks will send traders into the Yen as the safe-haven ‘du-jour,’ as now traders are leary about the health of the U.S. economy amid an impasse within the government as to how to address the debt ceiling.
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Full article from last week detailing the trade, as it was initiated today:
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