EURJPY Stop-Run Sparks Brief Bounce In Stocks
Trading desks are awash with chatter over which FX desk just got a tap on the shoulder as it appears beaking 141.00 in EURJPY soon after the European close sparked a mini-avalanche of sell USD orders and sent stocks ramping briefly. Some talk of US term strcuture bets gone awry (as the EUR move occurred as 5s30s broke to 2009 lows) There is little if any fundamental news to pin to this move - but when has there ever been - and gold and bonds hardly budged on the ramp.
Some chatter that a 5s30s steepener bet finally unwound as the term structure broke to 2009 lows...
but no one is confirming.
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