Outrageous Predictions
Carry trade unwind brings USD/JPY to 100 and Japan’s next asset bubble
Charu Chanana
Chief Investment Strategist
Head of Commodity Strategy
Summary: Fresh data from the ICE Futures Europe Exchange reveals that hedge funds lacked confidence in last week's surging oil market.
However, since Tuesday’s cutoff Brent crude oil broke above $57.50/b, the November low. This move helped trigger a jump in open interest of 41,000 lots, an increase which most likely has been driven by fresh buying from technical and momentum traders.