Macro Man woke up this morning with a powerful sense that the yen's little recovery has about run its course. The abject failure of the Antipodean currencies to maintain weakness suggests that an underlying demand for cross/yen remains very much in play.
Macro Man therefore:
* Closes the long EUR/AUD discertionary position at 1.6696 spot, 1.6721 to 02 March
* Establishes the NZD/USD beta plus carry position, selling $20 million against kiwi at 0.6830 spot, 0.6822 to 02 March.
Macro Man therefore:
* Closes the long EUR/AUD discertionary position at 1.6696 spot, 1.6721 to 02 March
* Establishes the NZD/USD beta plus carry position, selling $20 million against kiwi at 0.6830 spot, 0.6822 to 02 March.