Asia Currencies Fight Back Against The Dollar As US Inflation Cools
Market Depth
The Yen Futures Short Coverage and the US CPI Release
US CPI release day was the trigger for a 4% drop in dollar yen off of its year date highs. This has just been a continuation of an ongoing short covering happening in yen futures as well as exiting in options on yen futures, on elevated trading volumes. Now, maybe if this pre CPI, like short covering hadn't been occurring, perhaps you might have seen all of this condensed into a major intraday move and wreaked havoc across markets.
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