Interest Rate Roundup

Wednesday, July 08, 2009

Yen-dollar exchange rate goes berserk


To all you currency market watchers out there, how about that yen/dollar exchange rate? The yen is flying against the buck, moving up by as much as 3 yen or so to 91.81 (The chart above shows the yen futures). On a percentage basis, this is the biggest gain for the yen that I can find on any day since early October 2008. Do I really need to remind you all what was happening back then? Bottom line: This currency pair has been a key indicator of risk appetite, and the massive move today through key technical levels could presage another bout of fear/panic in the markets. My two cents anyway.

1 Comments:

  • Gotta say I'm very happy about the 300 shares of the YCL etf I picked up Monday. But how long befor BOJ intervenes. The only currency to gain against king dollar from Aug2008 to Feb2009 was the Yen. Kinda scary.

    By Blogger Carey, at July 8, 2009 at 1:35 PM  

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