Hedge Funds Pile Into Option Bets Dollar-Yen Will Rise to 160 [BNN Bloomberg (Canada)]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
US:NYSE Investor Relations:
nomuraholdings.com/investor
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Source: BNN Bloomberg
Days after suspected government intervention to support the currency, leveraged funds are re-entering bets the yen will slump back toward a 34-year low in the coming weeks, according to option traders. Short-term funds have started buying one- to three-month so-called reverse knock-out call-option contracts this week, which gain in value if the dollar-yen rises. They differ from regular call options in becoming worthless if a specific level is reached, suggesting traders see officials stepping in again soon after a breach of 160 per dollar. These levels are primarily in the 160.50-161 range, which is above the April 29 high of 160.17, according to traders. “The preference for RKOs clearly shows that the market is circumspect about intervention and as such feels that the move higher in dollar-yen will be a grind at best,” said Ruchir Sharma, global head of FX option trading at Nomura International Plc in London. “A slow move higher might also keep the authorities less keen to in
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