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All Hell Breaking Loose In FX On Reports Of Possible Blast In Macau

Submitted by Tyler Durden on 07/25/2011 22:13 -0400

China
Yen

Following the two theatrical speeches eaelier, we are absolutely nowhere closer to a resolution now than we were 2 hours ago. Perhaps this is why the market is not too happy and as of minutes ago, the USDJPY tumbled to new all time lows (except for that illiquid print from March 17) of 77.89, with the market set to test Noda's repeated bluster that he will finally do something against the "one way Yen." We are not holding out breath. And to confirm that a perfect storm of sorts is on the horizon, adding to the increasing illiquidity in the US and Europe, is the news out of China that 7 day repo rates just surged by 160 bps overnight, the most since July 5, to 6.80%, as the market awaits the selling of CNY 1 billion in 1 year bonds at 10 am Chinese time. If $155 MM of a liquidity outflow can move the needle in China by almost 2%, then we are in deep trouble.

Update: the BOJ may have just intervened. Just look at that chart

Update 2: perhaps not an intervention as we are now getting reports that Macau has been hit by a blast according to Xinhua

Crazy stuff people

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Tue, 07/26/2011 - 03:45 | 1493699 gwar5

A timeless suggestion whose time has come. The anti-time extremists won't be happy.

Mon, 07/25/2011 - 23:14 | 1493265 user2011

Blast in Macau cause Yen to go down ? That's odd. I expect it should be the other way. When there are terrorist attack, risk is off, yen should go high. And very interesting enough, Yen goes down right at the time when USD/JPY hit below the 78. It is like USD/JPY can't go below 78. If it does, the intervention goes off.

Mon, 07/25/2011 - 23:17 | 1493269 Yen Cross

usd/jpy is destined to touch the [ 76's]...

Mon, 07/25/2011 - 23:51 | 1493362 user2011

In the past week or two, I suspected there were at least twice intervention. Yen shot up at least 20 pips instanteously just like hours ago. I am not sure USD/JPY would go to 76. I suspect BOJ would defend the 78 sporadically but ferociously defend the 77.0. Unless QE3 is officially out, then all bets are off.

Mon, 07/25/2011 - 23:59 | 1493381 Yen Cross

When all else "Fails" Exporters rule the day!

You are smart +1 Not quite as smart as 777 "Blue Helmut"

Mon, 07/25/2011 - 23:18 | 1493268 Missing_Link

Since I'm not allowed to blame Muslim extremists for terrorist attacks any more, here goes:

I blame the Norwegians.

Mon, 07/25/2011 - 23:19 | 1493279 Yen Cross

Ya I gave you a gimmee! Shut up and go home...

Mon, 07/25/2011 - 23:18 | 1493276 dakine

that is friggin awesome!

Mon, 07/25/2011 - 23:20 | 1493278 TideFighter

If we are going to change the time zones to match, then I suggest the time just stay on 5:00 p.m. Instead of saying "It's five oclock somewhere!" we can just say, "It's f'in five oclock everywhere!", and I can drink and drink and not go home because it's still 5:00. Who's with me on this?

Mon, 07/25/2011 - 23:45 | 1493352 Yen Cross

Hey ass clown? Is this a joke? We make our money this way, you tatooed tool! Don't cross my bridge!!! YEN

Mon, 07/25/2011 - 23:19 | 1493280 monopoly

Remember the days when nothing happened. Quiet markets, quiet countries and no crisis. I would like just one trading day like that. This is ridiculous. Oh well.

Mon, 07/25/2011 - 23:24 | 1493285 chump666

4hrs from now those crazy Europeans will try get sucked into this completly false breakout. As if Obama 'i am losing control...of eveything' speech is gonna narrow spreads. They are going blow out Euro open.

haha the HFT's have gone crazy, the AUD just popped hit a barrier at 1.09 USD, nice. if you haven't got nanex gear to check quotes etc etc. just run a chart (1hr) on only close prices, compare against the EUR, NZD etc

Mon, 07/25/2011 - 23:23 | 1493294 TideFighter

I remember when the entire Bear Sterns room was short QualComm. Ed, the bankruptcy attorney had a busy season after that. I remember those guys down in Boca, used to set their overnights then light their own farts for hours. Ahhh, the old days.

Tue, 07/26/2011 - 00:06 | 1493403 Yen Cross

So you bought into the QQQ splits and real estate bubble? No Comment....

Mon, 07/25/2011 - 23:25 | 1493301 walcott

TD the old format was way the hell better.

Mon, 07/25/2011 - 23:26 | 1493307 alien-IQ

it looks like in the race to currency bottom, the USD has hit the straight away as the EUR made a pit stop for another bailout.

USD well below 74 now...Next stop Zimbabwe. All aboard!!

Tue, 07/26/2011 - 00:52 | 1493516 darkstar7646

72 is apparently the final "takeout", right? Then it goes to about 40 in World Record time?

We may get that tonight! 74.2 down to 73.7 in about 4 hours. FX is NOT buying the speeches.

Tue, 07/26/2011 - 01:30 | 1493573 darkstar7646

Add about another .05-.10 in the last 40 minutes: 73.65 with a delay. Appears a new leg down starting!

Tue, 07/26/2011 - 04:44 | 1493730 darkstar7646

Flattened out at about 73.64 in the last couple of hours. About 1-2 more points, though, and most material support might fall.

Down six-tenths of a point in 24 hours.

Mon, 07/25/2011 - 23:28 | 1493310 Conchy Joe

Gas main... move along.

Mon, 07/25/2011 - 23:28 | 1493315 walcott

been hit by a blast? sounds pornographic. The markets will love it.

Mon, 07/25/2011 - 23:53 | 1493366 mt paul

USD LYD - U.S. Dollar Libyan Dinar

honorable hedge bytches

Tue, 07/26/2011 - 00:13 | 1493428 Yen Cross

Are you F..king serious?

Mon, 07/25/2011 - 23:54 | 1493370 WizDumb

http://news.xinhuanet.com/english2010/china/2011-07/26/c_131009947.htm

updated...

Mon, 07/25/2011 - 23:54 | 1493371 WizDumb

http://news.xinhuanet.com/english2010/china/2011-07/26/c_131009947.htm

updated...

Mon, 07/25/2011 - 23:56 | 1493378 EvlTheCat

Totally "transitory" rating system, dudes!!

Tue, 07/26/2011 - 00:00 | 1493387 FinalCollapse

WTF is going on here?

Tue, 07/26/2011 - 00:01 | 1493390 Yen Cross

You girls are good at spinning... Got a trade idea? Call me - YEN

Tue, 07/26/2011 - 00:07 | 1493410 Crumbles

Awesome arrow system
Yes I like it.
Mo' betta

Tue, 07/26/2011 - 01:28 | 1493572 caerus

Too bad some folk insist on pressing the red..

Tue, 07/26/2011 - 00:11 | 1493419 Yen Cross

This POTUS is a Blasphemy? A wreckless ( VIKING).... YEN

Tue, 07/26/2011 - 00:15 | 1493434 caerus

USDX broke support at 74...junk me I like the colors

Tue, 07/26/2011 - 00:26 | 1493464 darkstar7646

The Bank of Japan probably intervened to get that spike, and then it completely reversed.

It went from 77.9 to 78.7 pretty much vertical, and then went right back to where it started.

BOJ is out of bullets on this one. We may be ten days from Armageddon.

Tue, 07/26/2011 - 01:32 | 1493575 caerus

You're prob right...but my tech heart sees a trip top

Tue, 07/26/2011 - 00:27 | 1493466 cranky-old-geezer

Way cool, maybe now I can get record junks from GW's trailer-trash fans bashing his bullshit posts.

Tue, 07/26/2011 - 01:24 | 1493551 Village Idiot

I thought we couldn't post any ass shots?

Tue, 07/26/2011 - 01:35 | 1493582 caerus

Until this lunacy is sorted out, I'll give you a press green for "ass shots"

Tue, 07/26/2011 - 00:44 | 1493493 Mr Lennon Hendrix

The explosion was the special effects from the movie they're making- "Rush Hour 4: Enter the Bernanke".

Tue, 07/26/2011 - 01:07 | 1493536 caerus

Death of the currency enjoy all..

Tue, 07/26/2011 - 03:33 | 1493694 gwar5

Sweet. Losing ground to the JPY, a country whose books look worse than ours, and whose poor people had a apocalyptic disaster and is spewing radioactivity. And the USD is losing ground to them, again.

I remember around 2008 the USD was at 115. Here it is at 77, 38 lower. USDJPY will be 50 in 2013 at this rate, of course, that's not including the acceleration of gravity.

Buy more gold.

Tue, 07/26/2011 - 05:49 | 1493755 chump666

And there goes Europe stocks...nice WTF was Asia snorting on that panic buy up?

Tue, 08/23/2011 - 23:11 | 1593443 karmete

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Wed, 09/14/2011 - 03:30 | 1667023 chinawholesaler

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All Hell Breaking Loose In FX On Reports Of Possible Blast In Macau

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