The US dollar continues to gain across the board, with the euro exchange rate falling to a low of 1.2330 around 5-6 am from 1.2622 at the close on Friday and the bounce up to 1.3007 last Wednesday. Sterling fell to 1.5274 in early European trading, nearly matching Friday’s lowest low at 1.5259. The Other Dollars are much lower, including the Australian Dollar, despite two interventions (Friday and today) by the Reserve Bank.
The real action is Japanese yen action. The yen has risen to a bit over 90 on Friday from 110.67 on August 15. Against the euro exchange rate, the yen has gained from 169.44 to 114.38 or 33%, in under three months (Aug 7 to today). Bloomberg says that in just the past month, the Japanese Yen has jumped 15% against the US dollar, 35% against the euro, 58% against the Australian dollar and 46% against the New Zealand dollar as foreign exchange traders slash carry trades.
Buy for Now
Barbara Rockefeller
Forex Trading Reports
Need Buy Euros or Buy Australian Dollars contact IMS Foreign Exchange for the Best Exchange Rates
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