More Tom Cleveland, yesterday15 December 2011 Our currency markets continue to be racked by volatility, driven by uncertainty in Europe and tepid attempts at a rebounding economic recovery on a global scale. For countries like Japan that have had both weak fundamentals and a major natural disaster on its plate, a strong national currency is no recipe for recovery. The Yen, however, much like the Swiss Franc, has continued to be the safe haven of choice, buffeted by the repetitious waves of risk aversion that sweep through the investment community at large. Despite central bank intervention, the Yen remains range bound.
Traders, exporters, and government officials alike are firming up their projections for the medium-term, but try as they might to wish it weaker, the Yen seems fixated on Post-War highs versus the U.S. Dollar. The diagram below presents the technical picture for the recent daily trading range for the “USD JPY” currency pair:
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