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Andreas Steno Larsen, Research Analyst at Nordea Markets suggests that their repositioning indicator provides a slight buy signal in EUR and SEK against JPY into month-end, as Japanese equities (and bond markets) is the outlier of the month.

Key Quotes

“JPY markets are the only markets to perform out of the ordinary in September. The increase in market value in JPY markets is almost 1 std dev larger than in a “normal month”. This is a signal to sell JPY in to month end.”