JPY crosses: Algos probing for stops in thin twilight trade
The short-term liquidity market, with banks scaling back their risk taking, is increasingly being populated by algo traders who provide liquidity but also try and jam the market when they sense a weak side. I used to try and do the same thing myself as an interbank dealer so I best not complain about the activity 🙂
This morning’s target of choice is the Yen crosses with NZD/JPY and GBP/JPY getting early mentions. No major developments, just the usual market activity.