Skip to main content
Intervention Update :





Forexnews :



Japan FinMin Shiokawa says appropriate action must be considered against forex volatility. Shiokawa adds dollar-yen moves appear to be slowing compared with 2-weeks ago. He also states that most important exchange rate for Japan is dollar-yen.



7/11/2002 8:35:00 PM Japan MoF's Muto says decisive action on forex will be taken if needed, adds that forex moves will be monitored very closely.



Vice Administrative Finance Minister Toshiro Muto said this morning that the ministry is watching the foreign exchange market "very carefully" and is ready to take decisive action if necessary. "The current weak dollar is partly affected by the US economic situation but it is important that the forex market to reflect correctly Japanese economic fundamentals," Muto said. Fukuya said that "there`s still downside risk in the currency market to 113 yen or so. The US depreciation cannot be stopped if there`s no stockmarket

rebound." Bank of Japan governor Masaru Hayami warned yesterday that the dollar may be sold off worldwide in view of the US deficits in terms of both the finance and trade accounts. He said the current weakness of the dollar resembled its instability in the 1960s and 1970s when the US was dogged by the "twin deficits".



.. but will it be coordinated ?



7/11/2002 7:28:00 PM ECB Vice President Lucas Papademos, EU Commissioner Solbes, and Danish FinMin Peterson issued a joint statement saying the euro's rise in forex markets is welcome, and adding that a strong euro is in the interest of the euro area.

Comments

Post a Comment

Popular posts from this blog

WOW! I think that sums it up

Many of you have been reading this blog may have noticed that my blogging frequency has increased over the past few weeks as I got short the market. As you can imagine I am down money since getting short the market, this is the time when most people pull away from posting. But my goal is to stay active and involved and show you that trading is not always rainbows and butterflies. It is times like these that the things I have been sharing over the past couple of weeks are so important. You need to trade small relative to your account. I have a decent short position in the market and my portfolios are set up to make some awesome returns if we finally turn lower. But something I would like to point out is that my account is 70% Cash.  I learned a long time ago how important it is to live by the rules you preach. Because of my discipline I am able to continue to hold my positions, I have time and capital on my side. I can't stress enough how important it is not to get to big....
Post a Comment
Read more

Stay Small, Stay Out of Trouble

To expand on my post from yesterday about patience. I want to talk about a very important element that allows patience in a position, and that is staying small. If you trade too big RELATIVE to your personal account size, you are likely to be forced to exit the trade before the trade works in your favor. Many trades myself included have all experienced the pains of trading a position way too large given our account size. There is this predisposition out there that the only way you are going to make money in the financial markets is if you are trading 10 lots of options and 1000 shares of stock at the time. This is not the case, and if this is your mentality you will likely ensure yourself trouble. We have all read the stories of traders blowing up their account. I personally think a good rule of thumb is to not risk more than 5% of your account value on any one position. Good Luck Trading! In The Money Trades And 1 favor that we ask:  If you like the hard work w...
Post a Comment
Read more
more good news from FXStreet : Tom Fitzpatrick, senior technical analyst at Citibank in New York. Monday, July 15, 2002 "Parity is a psychological, not a technical level...and whether we pause around parity or not, we are likely to see significant further dollar losses...Our initial target is $1.03 to $1.0450. If that level is taken out, it actually casts a question mark against the whole of the dollar's rally of the last seven years, and could open up a full-blown bear market for the dollar." Julian Jessop, chief European economist at Standard Chartered Bank. Monday, July 15, 2002 "The dollar is under pressure from everything from economic problems to asset reallocation away from the U.S. and corporate accounting problems. It's difficult to see any positive factor for the dollar at the moment. The root of the problem is the U.S. current account deficit. If the U.S. doesn't have to attract an enormous amount of foreign capital, people wouldn't have to wor...
Post a Comment
Read more