29 January 2024 - Thoughts on the Market
Today is a bit unusual since it has been one of the few days this year when the New York market has actually been pushing dollar yen lower.
In my write-up last week, I noted that I had just put on a basket of short currencies against the Japanese yen and the Swiss franc. Specifically, I sold euros, British pounds, US dollars, and Canadian dollars against the yen and franc. The trades have not been particularly exciting, but they are working. The short US dollars, short euros, and short pounds have been the best performers so far, but even the Canadian dollar is showing some weakness on the crosses.
Today is a bit unusual since it has been one of the few days this year when the New York market has actually been pushing dollar yen lower. This will be a busy week in terms of “risk” events, and that will likely continue to support the yen.