Bond Watch: Trade it Like its True (BONDX) :
The market is doing little, but watching the foreign exchange world as it flays about "like those cops at an intersection in Bermuda," according to one long time player. There were "completely unsubstantiated rumors flying overnight about the (Japanese) MofF warning people to hedge," which meant against their long dollar positions, bad for the buck.
As one genius currency slinger noted, in the forex world rumors rule the day & they "trade it like its true" regardless. Even in the deepest market once everyone gets on one side you're going somewhere hard. The dollar index is now toying with the worst levels since Aug, now 84.56 (-0.68). According to one worldly player there is an issue with Turkey as well on worries they will remain out of the EU due to port protectionist issues (or as he said "pick a reason, any reason...quit wearing those funny hats.") The 10-yr is unresponsive, unchanged & yielding 4.568%
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