Crypto
Yen Strength Unleashes Carry Trade Fears Amid Oil Price Surge
Bitcoin's price slipped below $80,000 as tensions between the US and Iran pushed oil prices above $100 per barrel. The move lower was accompanied by a broad pullback in US stocks.
The Japanese yen also gained attention on September 9, hitting its highest level against the US dollar since February at around 153 yen per dollar. This represents a gain of roughly 6.5% against the dollar since August.
Charu Chanana, chief investment strategist at Saxo, warned that continued yen strength puts those short positions at risk as part of a broader carry trade unwind.