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Japanese Yen Crushing It!
By Mike Conlon | July 8, 2009
The biggest percent mover by far today is the Japanese yen trading to the upside with: AUD/JPY -4.6%, CAD/JPY -2.8%, EUR/JPY -3.5%, GBP/JPY -4.1%, and USD/JPY -3.1%. Just want to remind our readers that these negative percentages represent GAINS for the yen vs. the other pairs mentioned.
So what is going on today? Well this looks like a bit more than the usual “flight to safety” trade. Could this have something to do with the G-8 meetings taking place this week? There have been rumblings about replacing the USD as the world’s currency. Could this be telling us something about that?
Or is this foreshadowing for what may come down the pike for equities markets?
Stay tuned!
Tags: AUD, cad, currenc, currency, dow, EUR, gbp, Japan, jpy, market, meeting, pair, pairs, trade, trading, USD, Yen
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