31 Jul 2013
Flash:Yen FX volumes to record levels - BAML
FXstreet.com (Barcelona) - Adarsh Sinha, strategist at BofA Merrill Lynch noted the yens behaviour.
Key Quotes:
“Semi-annual FX turnover data for April 2013 was released this week, showing a dramatic surge in volumes compared to 2012, driven primarily by the JPY”.
“USD/JPY spot and forward volumes matched EUR/USD in the major trading centers, in some cases making it the most traded currency pair. This surge in volumes in unlikely to be sustained, in our view”.
“AUD/USD volumes fell from the record-high levels of 2011, suggesting less speculative carry activity in this pair and pointing to further downside ahead”.
Key Quotes:
“Semi-annual FX turnover data for April 2013 was released this week, showing a dramatic surge in volumes compared to 2012, driven primarily by the JPY”.
“USD/JPY spot and forward volumes matched EUR/USD in the major trading centers, in some cases making it the most traded currency pair. This surge in volumes in unlikely to be sustained, in our view”.
“AUD/USD volumes fell from the record-high levels of 2011, suggesting less speculative carry activity in this pair and pointing to further downside ahead”.