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Dealers say they will spending the rest of the day cleaning up the mess left by the USD/JPY spoof . Traders are calling the official high at 81.50 but it was all done and dusted in less than a minute and there are still plenty of positions to be cleaned up. Notwithstanding the spoof it was apparent to banks holding orders this morning that the buying interest between 79.80 and 80.20 is huge…just something to keep in mind the next time USD/JPY gets back there.

What’s a HAG? A hairy-assed guess…

I’m guessing that China bought some USD/JPY to protect their 80.00 barriers and got the ball rolling on the intervention talk…

USD/JPY trades at 80.60 after reaching 80.50 for a split second. The trade prior to 80.50 was at 80.40, to give you some idea how squirrelly things got there for a few seconds .

EUR/USD fell to 1.3894 from about the 1.3975 level. Cable dropped to 1.5995 from 1.6040. AUD held up better, presumably because if there were intervention in USD/JPY, AUD/JPY would have been a major beneficiary….AUD fell to 0.9828 from 0.9865…

They would have confirmed intervention if they were buyers…I think we have to conclude it was an error or a “spoof” by a big fund…

You would have had to have entered your sell orders in advance to get them filled and then bought an absolute truckload of USD/JPY to spark a move like that…

–Hometrack: UK Oct House Asking Prices -0.9% m/m; -0.1% y/y

LONDON (MNI) – Recent falls in UK house asking prices quickened in
October, as prices dropped for the third consecutive month and turned
negative on the year for the first time since January, according to
market intelligence company Hometrack.

House asking prices fell 0.9% on the month in October, having
dropped 0.4% on the month in September and by 0.3% on the month in
August.

With the number of new buyers registering with estate agents
falling by 2.0% on the month, the data add to the evidence of weakening
demand in the housing market.

Another survey based on house asking prices, from Rightmove,
reported a 3.1% monthly surge in prices in October, following a 1.1%
drop in September. Rightmove attributed that rise, in part, to the
annual autumn bounceback in asking prices, following weak housing market
activity over the summer months.

The sharp O.9% drop on the month means that asking prices turned
negative on the year in October, despite being up 1.0% on the year in
September.

The housing market remains sluggish, with Hometrack saying the
average time a property is on the market is now 9.6 weeks, the longest
average time for more than a year.

Richard Donnell, research director at Hometrack, also talked about
a second leg down in prices.

“Looking to the near term, there is little prospect for any
material change in market fundamentals. The mismatch between faltering
demand and increasing supply looks set to continue, while the re-pricing
process is likely to be drawn out into the first half of 2011,” he said.

“A stand-off is beginning to emerge between buyers waiting for
prices to fall further and sellers being unrealistic on the price
theyre willing to accept. We expect a modest adjustment in prices
rather than a return to the double digit falls seen in 2008. Transaction
volumes, already at low levels, are set to fall further,” he added.

The increasing likelihood of house price deflation is adding to the
policy challenges facing the MPC.

–London Bureau; Tel: +442078627491; email: wwilkes@marketnews.com

[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]

UK DATA: Hometrack: Deflation Returns To House Asking Prices
–Hometrack: UK Oct House Asking Prices -0.9% m/m; -0.1% y/y
————————————————————————
Recent falls in UK house asking prices quickened in October, as
prices dropped for the third consecutive month and turned negative on
the year for the first time since January, according to market
intelligence company Hometrack. House asking prices fell 0.9% on the
month in October, having dropped 0.4% on the month in September and by
0.3% on the month in August. With the number of new buyers registering
with estate agents falling by 2.0% on the month, the data add to the
evidence of weakening demand in the housing market.

We’re back to 80.65 from 81.50 highs. Looks like someone did a very credible job of spoofing intervention because there is no way the market would challenge the Japanese authorities that quickly…

Not on the wires yet, but he have to assume the MOF has done some buying…81.50 has paid on EBS…

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