Economic Charts

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Tuesday, September 14, 2010

Currency Manipulation at its Finest

After years of the Yen appreciating against the dollar, the BOJ seems to have had enough and performed massive selling of the Yen to devalue it further.  The strengthening Yen really hurt the Japanese economy and the BOJ  (Bank of Japan) could no longer tolerate it.
In my years of trading forex, I don't think I have ever seen a chart that looks like that in such a short period of time.  Who ever was shorting the dollar just got their rear ends handed to them in the space of a little more than an hour.  Not the trade I would have wanted to get caught in.  This is one case where the trend wasn't your friend, it was a rabid dog that just bled you dry.  The Japanese stock market rejoiced in this intervention.  [ Read more ... ]

Another View of currency action today courtesy of  Notice $DXY, which is the dollar index, has really lost value today in a big way.

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