YEN SUMMARY: Dollar-yen closed a volatile, post NFP, trading session at Y97.56 after it had seen an initial reaction move higher on release from Y95.90 to Y96.40 (a slightly better than forecast NFP number prompting QE tapering forecasts to move in) but the early react met strong sell interest which punched the rate down to Y94.97, as move caught market long which provided the weight to take out barrier interest at Y95.00. Once done rate bounced back to Y97.78 before settling around Y97.50 into the close.
Rate picked up early demand into a holiday thinned Asian session, a US fund a noted buyer as stops through Y98.00 were triggered with the demand edging the rate to an eventual session high of Y98.43. Japanese selling emerged post fix which pressed rate back to Y97.71 but buyers emerged into the dip and edged rate back to Y98.30 ahead of Europe. Early demand in Europe edged rate up to retest overnight highs, the eventual break taking it on to Y98.77, with rate holding firm in late morning trade, currently around Y98.68. Offers seen placed into Y99.00, stops placed on a break of Y99.10. The market will switch back to taking direction to UST yield as the US market returns from their weekend break.
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