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Yen tanks across the board as “risk seeking” returns!
By Sean Hyman | May 1, 2009
Today, the market is on the “offensive” side and not on the “defensive” side of the market. The yen is being sold “in mass” as NZD/JPY, GBP/JPY, AUD/JPY, CHF/JPY, CAD/JPY, EUR/JPY and USD/JPY all benefit (and in that order too).
NZD/JPY is up 1.30% on the day so far.
You see, many traders think that GBP/JPY is the “only game in town” but it’s not the biggest % gainer/loser on the day many times. So be sure to remember that.
Credit markets seem to be continuing to “thaw out”: http://www.bloomberg.com/apps/news?pid=20601087&sid=a5MQxSOuarBY&refer=home
Markets in Asia and Europe were up…along with certain commodities like oil. So “risk” is on…for the day.
The offensive players are out on the field.
Sean Hyman
www.forextradingblog.com
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