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The Japanese yen takes it on the chin again!
By Sean Hyman | March 23, 2009
Today, the top 4 percentage gainers on the day are NZD/JPY, AUD/JPY, GBP/JPY and CAD/JPY. The theme: Yen selling.
NZD/JPY is up 2.87% on the day. Wow!
The biggest loser on the day…the euro: EUR/NZD, EUR/AUD, EUR/GBP, EUR/TRY, EUR/CAD, etc. are some of the biggest momentum losers on the day.
The dollar also continues to be sold off.
So intra-day traders….go where the momentum is.
Sean Hyman
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Tags: AUD, blog, cad, dollar, EUR, Euro, forex, forextrading, gbp, index, jpy, momentum, mywealth, nzd, Sean Hyman, trade, trader, Yen, You Tube
Topics: What To Look At In The Market | 2 Comments »
March 23rd, 2009 at 7:41 am
I wonder what moves the NZD.
March 23rd, 2009 at 4:23 pm
Good question. There are two main things that typically drive the NZD (New Zealand dollar).
1. Interest rates – New Zealand currently has an interest rate yield of 3% on their currency while many in the industrialized world have almost 0% to 1%.
2. Commodities – Their economy is very much “commodity export” based. So when commodity prices improve (as they have started to recently), then their profit margins go up and helps their country/economy. While their economy is mainly made up of agricultural products, it tends to benefit overall when commodities in general do well.
Hope this helps and thanks for asking. I think your question will help many out there.