US stocks have been on a rollercoaster ride with three hundred point intraday swings becoming the norm
For this reason, not all carry trades have participated in the move. Only GBP/JPY and USD/JPY have ended the US trading session higher with EUR/CHF and all of the other Yen cross sharply lower. This confirms our general belief that carry trades will continue to suffer. Volatility remains high which means that the currency market is still very nervous. Meanwhile the leadership vacuum continues at the Bank of Japan. Another candidate has been rejected and this comes at a very odd time for the Japanese government. However the April 11 finance ministers meeting in Washington looming, we believe that the Japanese Government should find a new leader by that time.