06/24/2007 - Mortgage-back market in US unnerves investors, raises risk fears |
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* Mortgage-back market in US unnerves investors, raises risk fears
* JPY crosses make new highs, but look to be setting up for a reversal
* FOMC meeting on Thursday; housing data and durable goods are key
* RBNZ looks to have intervened in Kiwi during late NY Friday afternoon
The US dollar is finishing the week lower against European currencies and slightly higher against the JPY, which means the JPY-crosses continued their relentless gains higher. New highs were reached in all the major JPY carry trade pairs: NZD/JPY, AUD/JPY, GBP/JPY, EUR/JPY, CHF/JPY and USD/JPY (CAD/JPY only managed to test prior highs). Despite the new highs in the JPY-crosses, I'm getting the sense that a shake-out lower is increasingly likely and I'll explain later in this update. Full text »
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