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Traders favor Swiss franc amid Yen volatility
Currency traders are heading towards the Swiss franc as a less risky funding source amidst rising volatility in the Japanese yen, which is suffering from government interventions and interest rate hikes, making it less attractive. Data shows that hedge funds increased their short positions on the franc near its highest level in two months and reduced their yen positions for the second consecutive week, favoring more stable currencies such as the franc and the Mexican peso, which achieved returns close to 4%. Despite the increased volatility of the yen, it remains the primary funding currency due to the significant interest rate differential.
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