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Banks chased vol greater as final week’s EUR/USD surge knocked out barrier trades
The selloff within the US greenback final week in opposition to the yen and euro pressured many overseas change choices sellers to hurriedly purchase again costly hedges for trades that had been knocked out by the surge in spot and volatility.
“In euro/US greenback, 1.20 was a giant psychological stage and many hedge funds and company shoppers had limitations round that. When it did hit 1.20, it was fairly an aggressive transfer and spot went as much as 1.2080. That was considerably harking back to the limitations that obtained triggered on
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