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Watch out for the U.K. rate decision this morning @ 7am EST!
By Sean Hyman | July 9, 2009
Rates are expected to be at .50%. Keep an eye out for any commentary about the BOE’s rate decision and how the market reacts to it. It comes out at 7am EST. Also look to see how the CAD Housing Starts come out this morning. Those are the two events to watch this morning. CAD Housing Starts come out at 8:15am EST today.
The yen was very strong yesterday as stocks fell. The yen is the number one defensive currency right now and the dollar is the “2nd best” defensive currency right now. This can be seen when you directly compare the USD and JPY against each other in the USD/JPY pair. You’ll notice that it has still gone down even though the dollar and yen have both risen against most every pair. Yet against each other, the yen has remained the stronger of the two when the market gets defensive. So shorting “yen pairs” is typically better right now when the stock market tanks and currencies go on the defensive.
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Topics: What To Look At In The Market |