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Forex pairs in this Article » EUR/USD, USD/JPY (Barcelona) - Adarsh Sinha, strategist at BofA Merrill Lynch noted the yens behaviour.

Key Quotes:

“Semi-annual FX turnover data for April 2013 was released this week, showing a dramatic surge in volumes compared to 2012, driven primarily by the JPY”.

“USD/JPY spot and forward volumes matched EUR/USD in the major trading centers, in some cases making it the most traded currency pair. This surge in volumes in unlikely to be sustained, in our view”.

AUD/USD volumes fell from the record-high levels of 2011, suggesting less speculative carry activity in this pair and pointing to further downside ahead”.
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