US president Donald Trump’s whipsawing tariff policies created a perfect storm for foreign exchange options dealers, as hedge funds rushed to short US dollar positions while systematic volatility sellers and large macro funds sat on the sidelines.
The ensuing volatility left traders wondering if they had slipped into the wrong desks, or even another dimension.
“The scale of the moves for EUR/USD on April 11 made it more volatile than USD/TRY on the day,” says Saurabh Tandon, global head of FX
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Read More: Trump tariffs sent FX options traders on a wild ride