“Dollar/yen is slowly fading but the process of intervention has not stopped. They impressed the market yesterday but have to continue to do so,” said Sebastien Galy, currency strategist at Societe Generale, in the report. “There is very little incentive to intervene before non-farm payrolls but if there is a poor number chances are they will intervene seconds afterwards.”
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Max Chen contributed to this article.
Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.