It s a bad figure at 11.00
ISM PMI 44.4....usdyen was sold and so did x/yen
however, news came out a sec b4
23:00 05Nov08 RTRS-FED TO ALTER FORMULA FOR PAYING INTEREST ON EXCESS BALANCES BANKS HOLD AT FED, EFFECTIVE NOV 6 23:11 05Nov08 RTRS-Fed to pay more on banks' reserve deposits WASHINGTON, Nov 5 (Reuters) - The Federal Reserve said on Wednesday it is altering a formula it uses for paying interest on reserves that banks maintain with it, effectively offering more to induce banks to do so. Previously, the rate on required reserves was the average target federal funds rate over a reserve maintenance period minus 10 basis points but it now will be set equal to theaverage federal funds rate over the period. The Fed also said it was changing the formula for excess reserve balances that banks hold with it. The rate had been the lowest federal funds target rate, minus 35 basis points, but it now will be set at the lowest target rate in effect during a maintenance period that can run for some weeks. The change is effective Nov. 6, the Fed said.
DAMIT...I dunno n my my ldn friend said
FED LIFTS RATE PAID ON BANKS' RESERVE BALANCES FOR A 2ND TIME
good for x/yen
it s a shock to a guy just short stgyen at 158.50...but it went up to 158.99-04.....I cut then turn at 30 which is already 159
then heard us guy bidding at ebs...100 given paid 100 more...
anyway, I missed 160.63 hi but still can get out at next move 160.50