Fade this bullshit intervention into the free markets. I don't care how many central banks are involved. Fade them into irrelevancy.
Where have you ever seen a free market, or anything just remotely resembling to it? Surely not in the currency markets. Get real. Free market is just a another utopy, the same way as communism is one.
exactly. Such a basic concept but we still have to hear all this squawking about 'I thought we have a free market!' ....boy it gets tiring
Looks like the big bank hunted massive amount of sell stops and pushed the price to a new all-time low before they "intervene"
I just tried several times to post a 2011-03-16 U/J price chart to show the stop triggering. But the picture failed to post. Why is that?
You need to look at the Nikkei too.. Hit a few limit down circuit breakers which might have contributed to the currency play.
If you read through, is not that clear cut: INTERNATIONAL OPERATIONS The New York Fed, representing the Federal Reserve System and the U.S. Treasury, also is responsible for intervening in foreign exchange markets to achieve dollar exchange rate policy objectives and to counter disorderly conditions in foreign exchange markets. Such transactions are made in close coordination with the U.S. Treasury and Board of Governors, and most often are coordinated with the foreign exchange operations of other central banks. Dollars are sold in exchange for foreign currency if the goal is to counter upward pressure on the dollar. If the objective is to counter downward pressure, dollars are purchased through the sale of foreign currency. I don't see any upward or downward pressure on the dollar. Why does the fed care about the yen?