USDJPY 102.00 Is The Line In The Sand
As Rick Santelli just noted, the JPY carry trade is the only thing that matters. It is the only fun-durr-mental factor that matters (implicitly or explicitly encouraged by the varying velocities of BoJ and Fed balance sheet flows). To that end, this morning has seen the crucial Abenomics make-it-or-break-it 102 level for USDJPY tested once again... and then instantly ramped (by Nomura we suspect by all market chatter accounts). We will wait for Europe's close to see reality.
It is all about generating momentum ignition in S&P futures - as we have discussed numerous times. Yesterday we saw a similar disconnect which collapsed back to JPY reality into the close - will today be the same...
- advertisements -