Shortly after 0826ET, with Cable trading at 1.2400, 'someone' decided to back up the truck and buy Sterling with bond hands and feet, spiking the pair to 1.2499 (to the tick) in spot (and over 1.25 in futures). Given the total lack of catalyst for the move, one veteran FX trader exclaimed "what the fuck was that" though noted his lack of surprise at the move in the current chaotic environment. Notably, yen and gold moved at the same time suggesting a much bigger footprint.
As Bloomberg reports, heavy barrier option presence at 1.2500 remain untriggered…
Chatter that GBPJPY was the driver of the move…
Futures show the sudden heavy volume…
Some context for the volume surge…
Though some traders are talking of action in Gold driving the move
Especially notable in GBPJPY…
The post “What The F**k Was That?” Currency Traders Reeling Amid Sterling, Yen, Gold Chaos appeared first on crude-oil.top.