It was a strange economic news cycle over the weekend. The highlights:
- The Boston Fed suggests that QE become a permanent fixture in the central planning toolkit.
- China is openly discussing jumping on board the QE bandwagon with direct purchases of local bonds and adding “unconventional policies.”
- Japanese businesses increase the volume of their opposition to QE expansion and further yen depreciation.
- Japan is downgraded by Fitch from A+ to A.
It’s this last item that, in addition to being chuckle-worthy, has sent the yen tumbling this morning — just enough to spike USDJPY past the SMA100 for yet another test of the rising white channel bottom.
continued for members…
Sorry, this content is for members only.
Already a member? Login below…