The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Currencies: Manic Monday

This week got off to a fairly hectic start with a sharp move in USD/JPY. There’s no need for a market report, but apparently some barriers in EUR/JPY were targeted at 169.00 by some Russian players.

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. Another old fogey emailed me saying: “I assume a lot of the young bucks would have said: ‘What do you mean, quote without a machine?’”

Anyway, there’s no point in rose-tinted nostalgia. Let’s stay positive. I have no doubt that banks make a whole lot more money these days because their dealers think they can’t quote without a machine, and that the answer is to simply widen their prices out when systems fall over. I dread to think how much money I cost some of my employers by believing I knew where the market was and where it was going.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree