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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 5 Aug 2024 - - - #### The Yen Carry trade unwind is far from over, with total net Yen shorts being barely covered... Source: Global\_Macro @Marcomadness2 [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![The Yen Carry trade unwind is far from over, with total net Yen shorts being barely covered...](https://blog.syzgroup.com/hubfs/1722766548740.jpg) ![The Yen Carry trade unwind is far from over, with total net Yen shorts being barely covered...](https://blog.syzgroup.com/hubfs/1722766548740.jpg) 5 Aug 2024 - - - #### This is the most important chart in the world today: the Japanese Yen vs the USD. Why is it so important? 1\. For 30 years Japan has 0% interest on their currency. 2. As a result for 30 years investor borrowed YEN at no cost and invested it globally. They invested in T-Bills abroad and a basket of risk assets including the Nasdaq. 3. For the first time in many year the BOJ increased interest rates this week by 0.25%. This was almost unprecedented. 4. As a result of the increased interest rates and the signal to the market, investors are now concerned that the money they borrowed for free is no longer free and therefore they are unwinding their trades and sending the funds back to Japan. 5. The estimated quantum of this trade is over $4 trln!! The only question that remains is how aggressive they will be. But for now WE MUST KEEP OUR EYES ON THIS CHART! If it keeps strengthening risk assets are going to get sold even more. If it weakens again then risk assets might rally (all else being equal). Source: Ran Neuner on X, Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![This is the most important chart in the world today: the Japanese Yen vs the USD. Why is it so important?](https://blog.syzgroup.com/hubfs/1722675806775.jpg) ![This is the most important chart in the world today: the Japanese Yen vs the USD. Why is it so important?](https://blog.syzgroup.com/hubfs/1722675806775.jpg) 22 Jul 2024 - - - #### The Japanese Yen is up against the US dollar to its strongest level since mid-June. The USD-JPY currency pair is down over 3% since Thursday after hitting a 38-year high following another round of intervention by Japan’s Ministry of Finance. Japanese authorities reportedly spent $22 billion on Thursday and Friday to prop up the yen, according to Bloomberg. This comes after Japan spent a record $62 billion to support the currency between April 26th and May 29th. Over the last 12 months, the Yen has declined by ~12% and has been the worst-performing currency of G10. Source: The Kobeissi Letter [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![The Japanese Yen is up against the US dollar to its strongest level since mid-June.](https://blog.syzgroup.com/hubfs/1721457836858.jpg) ![The Japanese Yen is up against the US dollar to its strongest level since mid-June.](https://blog.syzgroup.com/hubfs/1721457836858.jpg) 12 Jul 2024 - - - #### Is the Bank of Japan intervening again trying to prevent the Yen from falling further against the U.S. Dollar? barchart [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) ![Is the Bank of Japan intervening again trying to prevent the Yen from falling further against the U.S. Dollar?](https://blog.syzgroup.com/hubfs/1720726321067.jpg) ![Is the Bank of Japan intervening again trying to prevent the Yen from falling further against the U.S. Dollar?](https://blog.syzgroup.com/hubfs/1720726321067.jpg) 5 Jul 2024 - - - #### How India's rupee went from most to least volatile currency in Asia Source: Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) ![How India's rupee went from most to least volatile currency in Asia](https://blog.syzgroup.com/hubfs/2024-07-05%2009_56_07-For%20the%20blog%20Title_%20How%20Indias%20rupee%20went%20from%20most%20to%20least%20volatile%20currency%20.png) ![How India's rupee went from most to least volatile currency in Asia](https://blog.syzgroup.com/hubfs/2024-07-05%2009_56_07-For%20the%20blog%20Title_%20How%20Indias%20rupee%20went%20from%20most%20to%20least%20volatile%20currency%20.png) 27 Jun 2024 - - - #### Japan's Yen weakens beyond 160 per Dollar, the weakest level since 1986. Source: Bloomberg, HolgerZ [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) ![Japan's Yen weakens beyond 160 per Dollar, the weakest level since 1986.](https://blog.syzgroup.com/hubfs/10-Jun-27-2024-12-08-31-6584-PM.jpg) ![Japan's Yen weakens beyond 160 per Dollar, the weakest level since 1986.](https://blog.syzgroup.com/hubfs/10-Jun-27-2024-12-08-31-6584-PM.jpg) 26 Jun 2024 - - - #### How India's rupee went from most to least volatile currency in Asia Source : Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) ![How India's rupee went from most to least volatile currency in Asia](https://blog.syzgroup.com/hubfs/16-Jun-26-2024-02-39-35-9069-PM.jpg) ![How India's rupee went from most to least volatile currency in Asia](https://blog.syzgroup.com/hubfs/16-Jun-26-2024-02-39-35-9069-PM.jpg) 26 Jun 2024 - - - #### Asset Managers have built the largest Japanese Yen short position in history Source: Bloomberg, Barchart [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) ![Asset Managers have built the largest Japanese Yen short position in history](https://blog.syzgroup.com/hubfs/7-Jun-26-2024-01-29-35-2615-PM.jpg) ![Asset Managers have built the largest Japanese Yen short position in history](https://blog.syzgroup.com/hubfs/7-Jun-26-2024-01-29-35-2615-PM.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/16) [15](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/15) [16](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/16) [17](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/17) [18](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/18) [19](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/19) [❯](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/18) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/forex/page/25?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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