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Strategies & Market Trends : Grant's Interest Rate Observer

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From: Wyätt Gwyön	7/27/2007 7:51:47 PM
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this looks like it could be a classic sign for a turn--bullish fundamental data marks a peak in an asset's price. last summer it happened to oil, with the forward months printing $80 just as Israel began bombing Lebanon. now it may be happening to the NZD--the RBZ raises the cash rate yet again to 8.25%, leading the developed world. and yet the currency has sold off hard against USD and, more importantly, the JPY. could be that "Mrs. Watanabe", the fictional character created by the FT and WSJ to represent Japanese retail yen sellers, is getting a margin call. The New Zealand dollar – popular with investors who have borrowed in low-yielding currencies such as the yen – is now under pressure. This is happening in spite of local interest rates being lifted two days previously, usually bullish for a currency. ft.com

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