Flows and Orders/GBP crosses

Updates on recent flows: Cable and USD/INR

  • Yesterday’s fall in the cable during relatively thin NY trade is being attributed to a one-off flow which is now complete:
  • The nasty break higher earlier this morning in USD/INR was initiated by oil companies buying which drove the price above the 200-day MA, which in turn led to heavy short-covering from hedge funds.
  1. Why would hedge funds trade the USD/INR? It is a ‘controlled’ currency and wide fluctuations are not allowed. It makes USDJPY look like a wild ride on most days! 🙂

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