Forex Flash: The Metronome heart slows down – Societe Generale
FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale feels that very front dated gamma should settle down from the extremes.
He explains that the shirt JPY, CHF long EUR trade should lead to some consolidation ahead of the BoJ's meeting next week. EURJPY remains far from a break below the support of its upward trending channel which presumably means that gamma will start to settle down after some panic buying in JPY and CHF crosses. He notes that EURJPY 1 week gamma which was once at 10, is now almost at 18 and the equivalent EURCHF gamma moved from 2 to 8.
He explains that the shirt JPY, CHF long EUR trade should lead to some consolidation ahead of the BoJ's meeting next week. EURJPY remains far from a break below the support of its upward trending channel which presumably means that gamma will start to settle down after some panic buying in JPY and CHF crosses. He notes that EURJPY 1 week gamma which was once at 10, is now almost at 18 and the equivalent EURCHF gamma moved from 2 to 8.
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