While Japanese authorities tell us not to be worried about levels, focus on the rapidity and volatility (and speculative nature) of yen moves, UBS is nominating levels to eye regardless:
say below 148.00 in short-term valueand that above 152.00 the rate is stretched
UBS cite US rates in their reasoning. Keep on eye on Japanese rates too though, the Bank of Japan meet October 30 – 31, and while no rate hike is expected there are some expectations of one at the December 18 – 19 meeting.
I was expecting some beefy intervention comments out of Japan yesterday. Nope:
ForexLive Asia-Pacific FX news wrap: Fed’s Schmid and Daly diverged
This article was written by Eamonn Sheridan at www.forexlive.com.
