The prospects for a clean resolution of North Korean tensions look slim, so there’s a risk that the yen could push back toward this year’s high around 108.13 per dollar, and such a move could trigger an almighty short squeeze. The total net short position slid by just 323 contracts to 60,309 in the week ended Aug. 29. Going against the yen is still the third-most popular bet across major currency pairs, so things could turn ugly quickly if there’s a shakeout.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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