Author: FX
USD/JPY was up 220 pips on Friday and that’s not what anyone in Japan wanted to see. As bad as that looks, the reality is worse.The persistent strength of the US dollar against the yen since mid-year is increasingly problematic and Friday we might have hit a boiling point. That’s because top Japanese officials did two things that would normally support the yen and the opposite happened. It highlights a market with abundant sellers that are unafraid.First, the Bank of Japan hiked rates to 0.75%. That’s the highest in 30 years and though the move was widely (though not totally)…
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Holiday-thinned liquidity did not stop FX drama, as traders juggled softer inflation, central bank twists, and fresh geopolitical tension, leaving the dollar modestly firmer while yen badly lagged. Source link
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It was a week in two parts as heavy selling hit markets to start the week as the post-FOMC slump continued. That turned around yesterday in part due to strong revenues from Micron and the bounce continued today. A lower US CPI also helped even if it was likely skewed by data collections problems due to the government shutdown.On net, for the week the S&P 500 finished the week virtually flat.On the day:S&P 500 +0.8%Nasdaq Comp +1.1%Russell 2000 +0.8%DJIA +0.3%Toronto TSX +1.2%Today was a strange day because it featured the largest options expiration in history — an estimated $7.1 trillion.…