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Khalid,
Generally I agree. If the US can rally, we should see a sell off in the
currencies. My concern however is that dollar doesn't rally admist strong
US index buying or rallies weakly. It should rally, but if it doesn't
significantly then you probably won't see the currencies sell off too much.
If the dollar can mount a rally then over the very short term, currencies
should sell off. Analysts predictions like this tend to take a relatively
long term view so that while the Yen could sell of tomorrow a little, it
won't have the momentum it would have had say 3 months ago and over the long
term will probably be higher.
Actually, if as you say the recent Yen move is ignoring all fundamental news
and price action is moving higher depsite that, then this is an EXCELLENT
signal that a bottom could well be in.
Good Trading,
Brian.
-----Original Message-----
From: Khalid M. Mirza [mailto:kmirza1@xxxxxxx]
Sent: Monday, September 07, 1998 10:35 PM
To: Omega-List; Gaius Marius
Subject: Re: Currencies
Thanks Gaius, but the recent Yen moves have ignored all technical
and fundamentals. Although I agree that Yen is appreciating.
However, reports are contradicting. A recent report in the Forbes
magazines "Sep 7 issue" states that a survey of several
economists where conducted by Forbes/Bridge indicated that the
forecast is that Yen will be appreciating to 117 (Approx..
0.8500).
On the other hand, I just read a report on the Bridge news
stating that Asian indexes are shooting up, Nikkei 225 up 350
today after a 700 points rally yesterday, Hang Seng up as well.
Therefore, this shall give the US investors some confidence.
Therefore, all traders will be watching Dow Jones tomorrow. If is
shoots up, then there will be a lot of USD buying which will
drive dollar up and Yen down.
A little bit confusing. What do you think.
Regards,
Khalid M. Mirza
Houston, Texas, USA
kmirza1@xxxxxxx
-----Original Message-----
From: Gaius Marius <maximus@xxxxxxxxxxx>
To: Khalid M. Mirza <kmirza1@xxxxxxx>
Date: Tuesday, September 08, 1998 12:18 AM
Subject: Re: Currencies
>
>
>
>:Anybody out there trading foreign currencies "FOREX" and would
>:like to share some thoughts about the market in general
specially
>:USD/JPY.
>
>
>JPY .....up, up and away we go......
> USD.....down, down,down....
>
>
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