USD/AXY: Up to $6 billion bought during intervention this week

The scale of intervention is having some small success, with today’s late move higher in the USD being mainly caused by the buying back of USD/AXY shorts before tonight’s risk events and the weekend. This also indirectly led to EUR/USD stops being triggered below 1.2920.

Asian central banks have still got significant interest in the majors as they seek to recycle these freshly bought USD and dealers are speculating now that the ACBs have bids in the EUR/USD near 1.2865/70 and in the AUD/USD near 1.0330. If you hear reports that they are in the market, then the amounts are probably decent.

Have a great weekend and catch you next week++


  1. I heard a few weeks ago that some ACBs (mainly Korea) had lifted their macro bids from 1525 to 1625. I’m sure we will soon hear more on the subject after last Friday’s fall

  2. are the bids at 1.0320 from reserve managers sizeable? want to exit audusd sell and wait for rally. whats your take? i had sold at 389.

  3. Depends on your timeframe. I’m small short and quite bearish medium term so happy to stick with this trade but short-term we could see it up and down 10310/90 a few times be4 tomorrow? If reserve manager bides appear then they are always sizeable I think; few hundred at regular intervals minimum

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