You failed to quote me about going to 113.00, and that very night it fell to 113.40. and has now bounced to 115.30. I hold no position in FX and was just making a comment, Im glad your trade has turned in your favor, good luck!
If it doesn't reverse out of here, then we may have a new shuttle launch. Odds are that it will head back down for a while, so if this is violated then it may really be a new bullish trend. Good luck everyone. DRT
Yen Drops the Most Versus Dollar in Three Weeks on Rate Concern July 12 (Bloomberg) -- The yen tumbled the most against the dollar in three weeks after Japan's finance minister suggested that the central bank shouldn't rush to raise interest rates when policy makers meet in two days. ``People are becoming a little less confident'' that the Bank of Japan will boost borrowing costs for the first time in six years, said Jens Nordvig, a currency strategist with Goldman, Sachs & Co. in New York. ``We saw a bout of yen weakness earlier in the day and now it's become a matter of dollar strength.'' The dollar extended gains against the yen and the euro after a government report showed the U.S. trade deficit in May widened less than economists had forecast. A smaller trade gap means fewer dollars need to be sold to buy foreign goods. The yen weakened to 115.43 per dollar at 12:05 p.m. in New York, from 114.25 per dollar late yesterday. The currency dropped by the largest amount in 18 months earlier. It also fell to 146.67 per euro, from 145.96. The dollar was at $1.2708 per euro from $1.2774. The $63.8 billion gap in goods and services trade widened from April's $63.3 billion, the U.S. Commerce Department said. The May deficit compares with the $64.9 billion median estimate in a Bloomberg News survey of 63 economists. ``It's a pretty clear positive report for the dollar,'' said Robert Sinche, head of global currency strategy at Bank of America Corp. in New York. ``We're setting the stage'' for the dollar to appreciate to $1.26 per euro or below ``in the next few weeks,'' Sinche said. The trade shortfall with China widened. Some U.S. lawmakers point the finger at China for the swollen deficit and have ramped up criticism of the Chinese government for holding down the value of its currency to spur exports. Bank of Japan Japan's Finance Minister Sadakazu Tanigaki said there's ``no need'' for the BOJ to rush to raise borrowing costs. The yen has risen 2.2 percent against the dollar this year as the central bank prepared to abandon its zero-rate policy. His comments led some traders who had placed bets that the yen would gain to cancel them. ``People wanted an excuse to take some risk off the table,'' said Paul Chertkow, global head of currency research at Bank of Tokyo-Mitsubishi UFJ, Ltd. in London. Higher interest rates makes it more expensive for Japan to finance its budget deficit. The nation's deficit is equal to about 5.4 percent of the Japanese economy, the largest of any of the so-called Group of Seven industrialized nations. The U.S. budget deficit is 3.9 percent, while Germany's is 2.6 percent. Consensus View The Bank of Japan will discuss whether to raise rates at a two-day board meeting ending July 14. The central bank in March ended its five-year policy of flooding the economy with cash, a precursor to raising rates after seven years of deflation. Governor Toshihiko Fukui and his policy-board colleagues will increase the key rate by 0.25 percentage point, according to all 16 economists surveyed by Bloomberg News. Nine economists predict the central bank will raise rates only once this year. The U.S. currency gained last year as a series of rate increases by the Federal Reserve boosted its yield advantage over the euro and yen. The Fed lifted borrowing costs last month for the 17th straight time, to 5.25 percent, and said further increases depend on future information about the prospects for growth and inflation. Tanigaki said it's ``desirable'' for the BOJ to maintain its zero-interest-rate policy, echoing comments made on July 10 by Chief Cabinet Secretary Shinzo Abe. Prime Minister Junichiro Koizumi last week toned down his opposition to a rate increase, saying the bank should make its own decision. Euroyen Futures ``Everybody is very sensitive to comments on the BOJ before the decision on Friday,'' said Niels From, a currency strategist in Frankfurt at Dresdner Kleinwort. ``The BOJ has sounded hawkish, but you've had politicians putting pressure on them not to raise rates.'' Futures show traders have pared bets on further rate increases after this week. The Euroyen futures' December contract today fell 2.5 basis points to 0.71 percent. Traders raised bets that the Federal Reserve will raise the overnight lending rate for banks in August by quarter percentage point to 5.5 percent. Futures prices now indicate a 67 percent likelihood of an 18th straight rate boost. ``Even though the Bank of Japan may be raising interest rates this week, it appears as if interest-rate differentials will continue to favor the U.S. for some time,'' said Michael Woolfolk, senior currency strategist at the Bank of New York in New York. The spread, or difference in yield between 10-year U.S. Treasury notes and 10-year Japanese government bonds widened today by about 6 basis points to 3.20 percentage points, the biggest in a week.
Hi JackJones, What is your source for this? My understanding is that there is no scheduled time... -Ben
http://www.ac-markets.com/en/forex-tools/economic-calendar.asp 7/14/2006 0600GMT Bank of Japan Monthly Economic Report for July. 7/14/2006 0600GMT JPY BoJ Monthly Report. 7/14/2006 JPY BoJ Monetary Policy Announcement - (about 1400GMT?) Is this it? Here's a GMT time thingy - BoJ announcement: 7AM ET? DD