As ever there are two sides to every story and to counter the bullish scenario from Goldmans I bring you the prediction from Deutsche that 48 % of US mortgages will be underwater by Q1 2011, up from the 26% seen in Q1 2009.
Usd/Jpy has seen a brief flurry of buying to 95.00 as yields back up in quite dramatic fashion. As I mentioned yesterday if I’m going to be long of the Dollar at the moment then I feel most comfortable against the Yen. Just need to find a decent entry point.
