Posted on 06/06/2013 9:56:39 AM PDT by blam
ABEGEDDON: Yen Surging, As Markets Violently Turn Against Japan
Matthew Boesler
June 6, 2013, 12:25 PM
One of the big stories in global markets today is how the long-U.S. dollar, short-Japanese yen trade seems to be completely unwinding.
The dollar is currently trading around ¥96.30 to the yen and is down 2.9% on the day after hitting a low of ¥95.89 earlier.
Per Bloomberg TV's Sara Eisen, that's the biggest single-day drop in the currency pair in 3+ years.
It seems like the market has not been re-assured by recent rumblings out of Japan, where the "Abenomics"-fueled rally in stocks has come to a halt in recent weeks.
FINVIZ.com
On Wednesday, Japanese Prime Minister Shinzō Abe unveiled the most critical part of the experimental economic stimulus program being devised in Japan: details on structural reforms.
The Japanese stock market, which has been surging as the yen has tanked, reacted negatively to the news, plummeting 3.8% in a single day.
Meanwhile, U.S. stock markets have turned negative this afternoon. The S&P 500 is currently trading around 1603, down 0.4%. Earlier, it crossed below 1600, hitting an intraday low of 1598.
And, like the yen, the euro is rallying big against the dollar. Right now, it's trading around 1.3270, up 1.4%.
(snip)
(Excerpt) Read more at businessinsider.com ...
I predicted a low of about $1,350.00/oz. for gold, then a rocket-like rebound this summer.
Looks like I’m right, but I’ll keep waiting and watching. Not cashing in quite yet! :)
Seems like dollar is tanking against the yen, euro, gold
Good GOD Almighty, guess it's true that only the good die young.
Hmmmm, you might want to consider not doing anything of the sort, unless you need to do so for food or other necessity in the near future.
Just sayin'... ;)
Soros is making so much money off this situation.
DJIA Is Down 65 as I post
Well, whata you going to do with cash?
Gold is for holding.
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