Glen, I am trying to understand it and aI have a question. There is some sort of giant short squeeze going on in currency swaps that is sending ripples into other asset classes. However, if most dealers are hedged in their short positions or ha e wings on both sides, why are they getting squeezed o hard?
Anyone here can clarify and explain article a bit more? I need to do some reading on convexity in options also. I believe it refers to SKEW.
And as clueless as I am, it sure looked like negative divergence in the MOVE index on that last high (look at December for reference).
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