​Weekly: Brexit Dominates, Fx Shifts Harvest’s Vol Position

Brexit is dominating everything and will probably continue to do so until the vote next week. The upcoming vote has seen the VXX and VIX rip higher this week, while gold is also bid. For those in the volatility business, some foresaw the uptick in the VIX. Harvest’s Davitt took volatility in the currency markets, particularly the Japanese yen, as a signal to shift to a long vol position. Meanwhile, Artemis’ vega fund is also obviously cheering the rally in the VIX. UBS, meanwhile, is suggesting some cheap macro hedges for investors, including a July put on HYG for 65c.