JPY carry traders are pausing to wait central banks' refining policy and interest rate directional policy at current economic slowdown globally as provoked by the IMF and the global central banks. Global investors also refining their investment portfolios to assure profit booking for their shareholders' dividend.
No sign of unwinding by the carry traders yet, but pauses may take sometime before resuming to carry. This will result the resuming of major pairs to downward (NZDUSD, AUDUSD, GBPUSD, EURUSD) and to upward (USDCAD) as their interest rate differentials' price trends. However at mixed performance of price fluctuation.
GBP-pegged pairs could be in harmony on pressuring the positive interest rate differential pairs (GBPCHF, GBPJPY and GBPEUR) to downward (note EURGBP to upward) and supportive to pressure the negative interest rate differential pairs (GBPUSD, GBPNZD, GBPAUD and GBPCAD) to downward. Thus, at current market environment, the GBP-pairs in play.
No sign of unwinding by the carry traders yet, but pauses may take sometime before resuming to carry. This will result the resuming of major pairs to downward (NZDUSD, AUDUSD, GBPUSD, EURUSD) and to upward (USDCAD) as their interest rate differentials' price trends. However at mixed performance of price fluctuation.
GBP-pegged pairs could be in harmony on pressuring the positive interest rate differential pairs (GBPCHF, GBPJPY and GBPEUR) to downward (note EURGBP to upward) and supportive to pressure the negative interest rate differential pairs (GBPUSD, GBPNZD, GBPAUD and GBPCAD) to downward. Thus, at current market environment, the GBP-pairs in play.
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I short GBPUSD, GBPNZD, GBPCAD and GBPAUD to their lower levels or to the levels how deeep GBPCHF and GBPCHF to be pressured by the current JPY carry traders pausing.
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The Bank of Japan left its key short-term interest rate unchanged at -0.1 percent at its March meeting, as widely expected. Policymakers also kept the target for the 10-year Japanese government bond yield at around zero percent, but offered weaker views on exports and output amid rising global headwinds.