Political turmoil in France triggers market turbulence: Hedge funds massively sell euros to invest in yen, betting on Japanese interest rate hikes
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The no-confidence vote in France has triggered market turmoil, leading hedge funds to heavily short the euro against the yen, with trading volume surging and implied volatility reaching its highest level since August. Macro hedge funds predict that the yen will appreciate due to a potential interest rate hike by the Bank of Japan, while the euro faces selling pressure due to weak economic data and political uncertainty. The exchange rate of the yen against the euro is close to its highest level since December 2023, with investors focusing on the upcoming U.S. employment data
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