From my DBFX platform. Thought you might like to know. Otherwise, please tell me and I will delete my post.
08:14 USD/JPY: Trust Launches Mix It With Sub-Prime Jitters London, August 30. A busy overnight session for the Yen, which has hit the recovery trail and taken back ground lost last session. The "carry" on/off switch is again being flicked with alarming regularity and the early Thursday sentiment is clearly away from riskier propositions. Speculation that a German/French bank might be in trouble plus the scaling back of a U.K clearing bank CDO unit brought the sub-prime issue back into focus. News that the BoE has issued further emergency funds at 6.75% has also spooked the European market.
USD/JPY peaked at 116.25 late in New York then began its slide to overnight lows of 115.35 and onto 115.20 as Europe came in. Overnight flows were dominated by fresh Toushin flows into the Dollar and heavier sales as the Carry unwind kicked in once again. Throw into the mix hawkish Mizuno views and fading Fed cut prospects and you have a melting pot of volatility for the Yen.
USD/JPY has good Japanese bids around 115.00-10, stops under 114.70 and a mixture of rumoured offers from Japanese mega-city banks, U.S investment houses and life companies in the 115.60-116.00 area. Looking for a 115.00 test ahead of the U.S data releases at 12:30 GMT. [email protected]
08:14 USD/JPY: Trust Launches Mix It With Sub-Prime Jitters London, August 30. A busy overnight session for the Yen, which has hit the recovery trail and taken back ground lost last session. The "carry" on/off switch is again being flicked with alarming regularity and the early Thursday sentiment is clearly away from riskier propositions. Speculation that a German/French bank might be in trouble plus the scaling back of a U.K clearing bank CDO unit brought the sub-prime issue back into focus. News that the BoE has issued further emergency funds at 6.75% has also spooked the European market.
USD/JPY peaked at 116.25 late in New York then began its slide to overnight lows of 115.35 and onto 115.20 as Europe came in. Overnight flows were dominated by fresh Toushin flows into the Dollar and heavier sales as the Carry unwind kicked in once again. Throw into the mix hawkish Mizuno views and fading Fed cut prospects and you have a melting pot of volatility for the Yen.
USD/JPY has good Japanese bids around 115.00-10, stops under 114.70 and a mixture of rumoured offers from Japanese mega-city banks, U.S investment houses and life companies in the 115.60-116.00 area. Looking for a 115.00 test ahead of the U.S data releases at 12:30 GMT. [email protected]