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Forex Flash: Don't be fooled by USD/JPY risk reversals - Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that the entire USD/JPY RR curve is now trading in negative territory and in his view, this move has nothing do to with a reversal in the market perceptions of the yen, but is essentially due to mechanical effects.

He writes, “Only the skew sold off while the ATM vol curve barely moved, the latest spot spike was actually much less volatile than the previous ones, and the short vol exposure of market makers switched from topside to downside. We recommend reloading upward exposure via USD/JPY calls down-and-out.”

Forex Flash: US dollar losing momentum - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that yesterday, the dollar reversed some of its recent strength against the Euro and the pound in particular but managed to remain very stable versus the yen.
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Forex Flash: BoE´s King steps back from verbal intervention talk - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that BOE Governor King spoke last night in a TV interview and backed away from recent comments that had been perceived by the market as pushing for a weaker pound.
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