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November 19, 2007

Dow down 213, trading below 13,000!

So far the Dow trading down on the day is boosting the yen against the carry trades. So it's bringing EUR/JPY, GBP/JPY, NZD/JPY, etc. down as stated earlier.

The Swiss franc has been affected some  but those carry trades (EUR/CHF, etc.) haven't been as affected as have the yen crosses.

See if the Dow closes below 13,000. If so, that won't be good for the carry trade. Then watch to see if it carries over into Asia with the Nikkei falling. If so, you could see more carry trade liquidation.

Sean Hyman
Currency Director
The Sovereign Society

Posted at 01:25 PM in Yen |

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