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  • is Gold overlaid with the net speculative futures positioning from the COT. It was fairly heavy net-long but not overindulgent. Worth evaluating its full haven properties an if they still apply
  • Gold isn't acting like a safe haven - or at least a traditional one. Clearing support back to late July in this risk-off environment. Was there speculative funds topping this off that need to be freed up for margin elsewhere?
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.04% 🇨🇭CHF: -0.52% 🇨🇦CAD: -0.62% 🇬🇧GBP: -0.93% 🇦🇺AUD: -1.13% 🇳🇿NZD: -1.46% View the performance of all markets via
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -2.56% Wall Street: -3.10% FTSE 100: -3.91% France 40: -4.17% Germany 30: -4.80% View the performance of all markets via
  • ...and a well-known carry trade pair, $AUDJPY, has started to tip into retreat - though I wouldn't say this has the same scale of discreet directional change
  • The $EEM emerging market ETF has opened to a sharp gap down on the open and some follow through, but technically still above its range floor at the moment
  • $EURUSD levels from this morning's webinar looking good. . Archive out shortly . .
  • Elsewhere, the popular $HYG 'junk bond' ETF has slipped below a long-term Fib and range floor at 84 - though it finds itself now at the 200 DMA
  • ...Australia's ASX 200 has its own breakdown but it isn't as dramatic a reversal after months of horizontal congestion
  • ...the Japanese Nikkei 225 ($NKY_F) has produced a very similar rising wedge bearish breakdown of its own:
Japanese Yen Unchanged as Policy Holds Static

Japanese Yen Unchanged as Policy Holds Static

2012-08-09 04:48:00
Gary Kerdus,

THE TAKEWAY: BoJ kept monetary policy unchanged > Will continue to monitor markets; newly added members conclude with unanimous consensus > Yen relatively unchanged

The Japanese Yen strengthened versus the Australian Dollar as the Bank of Japan kept its overnight borrowing rate unchanged at 0.10 percent. Furthermore, policy officials made no changes to their credit loan program and asset purchase fund.

Moreover, the Bank of Japan said it will pay particular attention to global markets and will also pursue powerful monetary easing. Perhaps more importantly the board concluded their meeting with unanimous consensus. The two new officials, Takehiro Sato and Takahide Kiuchi, had their first opportunity to push for increased easing but didn’t.

The Yen is considered a safe haven currency as investors tend to sell high yielding, risky assets like stocks and Australian Dollars when market volatility spikes. Markets have been relatively quite throughout August and volumes have been down along with volatility.

AUD/JPY, 5 Minute Chart

Japanese_Yen_Unchanged_as_Policy_Holds_Static_body_Picture_1.png, Japanese Yen Unchanged as Policy Holds Static

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.