Not the Rate, the Plumbing: the First Cover in a 19-Year Yen Short
The speculative yen short that had built to a 19-year high fell for the first time in the week to 7 July. On the Commodity Futures Trading Commission’s positioning data, the leveraged-fund net short in the yen, futures and options combined, went from −137,828 contracts on 30 June to −104,231, a cover of 33,597 in a week. The last time the book ran heavier was the first half of 2007. Yet the yen barely moved. ...