As eur/jpy is having a real battle to test that low it's worth watching for a long off it.
Cheers
Miner
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As eur/jpy is having a real battle to test that low it's worth watching for a long off it.
Cheers
Miner
eur/usd going same way and is going to test 1.4155,usd/chf usual and going other way,usd/jpy messy like last night.
Cheers
Miner
Hi ALL,
got a long on the kiwi at 7620 expecting 7590 as support to hold with stop there, targeting .7650 initially.
cheers
roddy
theres seems to be a bit of a shift in opinion
Hi Peat
Exactly what we were taking about a few days ago.......all the signals lining up
for a potential shift in sentiment
rgds -arco
Today´s Key Events
• 08:00 Consumer Prices CPI, DEM
• 09:15 Retail Sales, CHF
• 10:30 Consumer Prices CPI, GBP
• 11:00 Consumer Prices CPI (final),EUR
• 11:00 ZEW Survey, DEM
• 15:00 TICS, USD
• 19:00 NAHB, USD
GMT
I dont think that German CPI would've done it. and Citigroups losses were out earlier I think.
Heres what they said at 7 PM our time
In New York yesterday the stocks dropped the
most in five weeks as Citigroup posted the
steepest loss in two months and said that
defaults will plague the financial industry
for the remainder of 2007 and that late
payments on home loans may worsen fourth
quarter. Bank of America Corporation and JP
Morgan Chase & Co. also incurred losses on
the stock exchange after Citigroup’s remarks.
The development in the stock market caused
JPY to strengthen due to increased investor
concerns that the credit market turmoil will
re-emerge. AUD, NZD, and other high yielders
were hit by selling streaks – AUD fell more
than 1% and NZD more than 2%.
G7 jtters re the coming meeting this weekend.
Markets on alert for G7 shift on currency
By Krishna Guha in Washington
Published: October 14 2007 17:09 | Last updated: October 14 2007 17:09
Currencies and the regulatory response to the credit crisis will top the agenda when world finance ministers, central bank governors and private sector bank executives meet this week in Washington for the Group of Seven summit and the annual meetings of the International Monetary Fund and the World Bank.
Foreign exchange markets in particular are on alert for any changes to the G7 *communiqué that raise even the remote possibility of co-ordinated international intervention to support the dollar, which has fallen to its lowest levels against the euro in recent weeks.
This heightened sensitivity follows a high-profile public campaign by many European governments, led by France, for something to be done to halt the euro’s appreciation.
Nicolas Sarkozy, the French president, last month said the eurozone “should not be the only area in the world where the currency is not put at the service of growth”.
Two former US Treasury officials told the Financial Times that it could be in the US’s interest to create some uncertainty about *possible currency intervention – not in order to boost the value of the dollar but to ensure any further decline is orderly.
However, neither thinks that Hank Paulson, US Treasury secretary, will adopt this strategy. Mr Paulson, a former chairman of Goldman Sachs, believes that politicians have no business trying to establish the value of currencies that trade in deep and liquid *markets, and would not *succeed if they tried.
The US Treasury has signalled that it will not agree to any G7 statement that suggests that Washington wants the dollar to appreciate against the euro.
The UK, meanwhile, has sided with the US. Asked about whether the G7 should change its language on currencies, Alistair Darling, chancellor of the exchequer, said: “I think the G7 really needs to concentrate on, *perhaps, some of the longer-term structural reforms that are necessary in the economies of the world.”
A hedge fund manager told the FT he worried that the French had overplayed their hand by raising expectations of the G7 meeting to the point where the absence of a policy shift could be seen as a green light for *further dollar depreciation.
However, a head-on collision between the eurozone and the US at the G7 looks unlikely, following the European Union’s decision last week to tone down its rhetoric on the dollar, in response to the US formally backing a strong dollar and the need for China to allow the renminbi to appreciate.
This brings Europe into line with US thinking that the problem is not the fall of the dollar against the euro, but other currencies not sharing the burden of the currency’s decline.
In private, though, European governments, led by France, are expected to push for some new wording in the communiqué.
A former US official said the G7 would probably agree to “tweak” the language. This could involve some tougher words on the renminbi and, perhaps, the yen, with possible compromise language about monitoring “volatility” or “abrupt movements” in exchange rates.
He said the Europeans would probably spin this as being “really about getting the euro down”. But he said the US would not support this interpretation.
There is broader agreement on the regulatory agenda, with a “to-do” list that focuses on credit rating agencies, disclosure of banks’ exposure to off-balance-sheet investment vehicles, regulatory and incentive problems in the system by which financial institutions sell mortgage debts on to securities markets, and difficulties surrounding complex structured credit products.
The UK wants new international regulations that focus on liquidity rather than just credit risk.
These issues will be discussed at the G7 on *Friday and the annual meeting of the IMF the following day, which brings together all the world’s finance ministers.
Differences over hedge funds – particularly between the US and Germany – still remain but have narrowed and are not a core issue.
However, the US wants policymakers to take time to analyse the crisis before leaping to regulatory solutions, a view backed by the IMF and central bankers and regulators on both sides of the Atlantic. Washington is also inclined to see more scope for market-based solutions to many of the failures exposed than are most European states.
In spite of domestic *political pressure, Mr Paulson remains unwilling to scapegoat the rating agencies, emphasising the need to reform but not destroy them.
Additional reporting by Chris Giles and Gillian Tett in *London, Bertrand Benoit in Berlin, Ben Hall in Paris, Ralph Atkins in Frankfurt and Tony Barber in Brussels.
Copyright The Financial Times Limited 2007
i wonder if the suckers rally is coming to an end now.. eg NZD; OZ ; USD/JPY ; CHF/JPY all starting to turn down again?
40 mins later - got 32 kiwi short pips during lunchtime !!
Looks like that may be the case Peat
I took a short EY on the rejection off the old support area (Red line),
and a flag break.
rgds -arco
Peat/Arco
Peat wrote 40 mins later - got 32 kiwi short pips during lunchtime !!
well done to both of you
i tried twice shorting the Kiwi,got stopped both times,must be a lesson in there for me!
after i have had 2 loosing trades i don't trade any more for the day
cheers
roddy