March 14th, 2011 09:15:20 GMT.

USD/JPY recovers and then slumps again


We’re seeing  choppy trade in USD/JPY.  ACB buying in 81.80/85 area ellicited some recovery, but we’ve seen renewed selling on move back above 82.00.  We’re presently back down at 81.80.

Order flow info, not surprisingly given overnight volatility, is thin on the ground.  Talk of buy orders clustered around 81.20/40, sell orders up at 82.40/55, with trailing  buy stops through 82.60.


March 14th, 2011 09:09:53 GMT.

That worked ok, didn’t it…..


EUR/USD has recovered its’ poise in wake of BIS buying down around 1.3910.  We’re presently at 1.3932. 

I’d hazard a guess  trailing sell stops not far below 1.3900 now, but haven’t got direct confirmation of such as yet.


March 14th, 2011 08:41:40 GMT.

USD/JPY slips back below 82.00, ACB steps in and buys


USD/JPY has slipped back below 82.00, presently at 81.82.  As I mentioned to asdf  earlier; despite additional Japanese QE it would be surprising if we didn’t see bouts of yen strength on continuing repatriation/insurance payment related flows. 

JUst hearing  that an Asian sovereign has stepped in buying the pairing in the 81.80/85 area slowing the descent a little.


March 14th, 2011 07:21:58 GMT.

BOJ’s Shirakawa: To make appropriate decision in April meeting


  • Will look at data, markets to measure impact of quake at April meetings
  • Some money market players may feel fund shortage even if bids weak in BOJ ops
  • No data yet on the economic impact of quake
  • Planned power outages likely to impact economy by no small degree
  • Central bank underwriting govt debt will trigger hyperinflation
  • Focus of todays’ steps was to boost buying of risk assets
  • BOJ steps aimed at keeping risk-aversive stance from increasing
  • Will watch market conditions in deciding fund supply size from tomorrow
  • Have received offers from other central banks for help if needed
  • No change in BOJ stance of aiming to push down both longer-term  rates and risk premium

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