House prices August survey, by the Halifax, up 1% m/m, 8.2% y/y, but signs of slowing. Higher than mkt forecast, but future looks more muted, hence short term blip upwards.
USD/JPY lurched lower, moving from a 117.05 session high to a
116.32 low. Comments from German Deputy Finance Minister Mirow suggested that
JPY weakness and the Yuan would be on the agenda for the forthcoming G7 meeting.
This has left a nervous tone in the market. There has been follow through
position adjustment by JPY shorts after the initial downturn in the value of
USD/JPY. Stops below 116.20 have been filled as EUR/JPY extended losses to
record a 148.45 and the market moves into heavy liquidation after getting caught
long in USD/JPY, EUR/JPY and GBP/JPY. Russell.Bloom@Thomson.com
regards
John M
Live long and prosper. Any information in this post is for discussion purposes only.
European Market Update - The Yen soars on comments related to the upcoming G-7 meeting
The JPY gained a substantial amount of strength across the board after the German Deputy Finance Minister noted that a weaker Yen would be a topic of focus at the upcoming G-7 meeting in September. Historically major currency policy changes in the free floating era have been enstated at September G-7 meetings such as the 1985 Plaza Accord, and the 1995 meeting in which Robert Ruben orchestrated the strong dollar policy. Additionally note that September tends to be the most volatile trading month in forex.
Spot gold is currently trading in the mid to lower end of its session range, now unchanged in the session at $633.60, while spot silver is trading in the middle end of its session range up 0.4%.
Front month crude oil futures are currently trading at session highs, up $0.50 at $67.98.
Well I guess that is the exit signal. The monthly and weekly charts are showing a fall for the yens, so I guess long term investors are jumping the boat. We may have seen the highs for the yens.
Strange to come out with a comment like that when the Japanese economy is not on it's feet yet?
Technically next support for Geppy is 217.50 ish for a target of 224-225. Long term trends have broken down.
yes I was expecting a no trade day today as the Geppy price was about 100pips away from the sell level...I was eating dinner...fish by the way...and looked up to see a big red bar where it used to be a green one so only picked up 20pips after it triggered my sell...as I did not know why it moved and was expecting a rebound..but never happened...but happy to be out...dont like those big news moves..
regards
John M
Live long and prosper. Any information in this post is for discussion purposes only.
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Originally Posted by shaster 
