I hear that the fact that Reuters Dealing 3000 was down added to the confusion because a lot of banks couldn’t cope with quoting some of the crosses. One of my buy-side muckers asked a bank why it was quoting such wide prices in AUD/JPY? The answer, he was told, was that the dealer didn’t really know where the rate was. “Can’t he quote around his inventory?” my mucker asked, but got no reply, suggesting that spot traders these days don’t have positions.
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