Bloomberg (gated) carried info on the note from Morgan Stanley an initial Federal Open Market Committee (FOMC) cut of more than 25 basis points could support the yenwould fuel further pulling out of US assets by Japan, ie. “The yen carry-trade unwind may still be a risk factor behind the scenes”“A quick drop in US front-end rates could cause the yen to strengthen further, thus eliciting an adverse reaction in US risk assets.” Well, yes. The prospect of a 50bp rate cut from the Fed escalated prior to last Friday's NFP. Its seen calmed a little. I can;t see it myself but market pricing is still around 30%: This article was written by Eamonn Sheridan at www.forexlive.com.
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