Morning quickie

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.
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