MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Killswitch who wrote (14611)	9/20/2002 9:33:04 AM
From: Killswitch	Read Replies (2) of 19219

from the RMYPro currency guy "Opening Comments 09/20/02 09:21 AM EDT Good morning. The big story overnight was extreme yen weakness. From yesterday's close, the yen has lost 1.4% against the dollar, 1.0% against the euro, 1.1% against the British pound, and a stunning 1.6% against the Canadian dollar. It really doesn't matter which currency you compare with the yen, the yen lost. Last night the 10-year JGB auction went terribly. In fact, it was the first time ever the auction was undersubscribed. The bid coverage was an appalling 0.88:1. We must emphasize our opinion that this is nothing less than a no-confidence vote against the Japanese government. Furthermore, the failure of this auction puts into question Japan's ability to finance their rather enormous debt. From a general point of view, the clear position going forward will be to short yen against your choice of currencies. From the point of view of a trader, we must be patient, choosing our levels correctly, in that volatility will no doubt increase"

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