Japan Brings Global Macro Hedge Funds Back In The Game

The global macro strategy saw a rare rise in November, as their favorite trade rose once again. With the weakening of the Japanese yen, which fell 4% against the USD, the Nikkei ended the month up 9.3%. Long in Japanese equities and short in JPY has been the hot theme for macro strategy, which spent the last three months nearly flat against the dollar. Another position that took an upswing was the short Australian dollar trade; the Aussie fell 3.7% against the USD in last month.