Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (66675)	7/16/2007 3:02:27 AM
From: John Metcalf	Read Replies (2) of 116555

Mish, look for a comment on Monday from Chuck Butler or Chris Gaffney of Everbank in regard to pricing oil in yen. The meaning of the change has to do with the buying and selling of currencies, as they are used in commerce. The argument others have presented, that currencies are instantly translated, and therefore inconsequential, totally disregards the fact that currencies move versus each other. Iran's move will mean Japanese buyers of oil from Iran will sell less yen and buy fewer dollars, as opposed to the yen-supressive move that has happened for years. This change will drive yen up vs. USD. About time !

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