At 2:07pm in Japan, 10:07pm out here in California, the Bank of Japan (BOJ) held its interest rate target steady at .5%. This is good news for stocks as it doesn’t put any pressure on the carry trade. The yen had been rallying a touch into the meeting, getting down to about 119.35, but it bounced after the announcement back up to around 119.65 in the immediate aftermath and seems to have closed in Japan around 119.55.
The Tokyo Stock Exchange is usually open from 5pm – 11pm PST (9am – 3pm the next day in Tokyo) and so I was just trying to check it on Yahoo! before calling it a night, as is my routine. And…
S&P 500 (black line) and $/Yen (orange line), December 27 2006 – March 26 2007
It’s looking like another good week for the stock market. Here’s how the action looks through 4 days: Dow: +151, to 13,477 S&P: +7, to 1513 Nasdaq: -23, to 2539 Russell 2000: -14, to 816 Again, we are seeing the…
The gold market “is telling us that the Federal Reserve has no inflation fighting credibility.” – Ralph Preston, Account Executive, Heritage West Financial “Foreign investors would be foolish to buy US investments knowing that the value of the dollar will decline.”…
The stock market is certainly acting well. This morning KB Homes (KBH) announced another ugly quarter. New home sales were down 21% from last August and the median price was 7.5% lower. The S&P is up 6 points to 1531…
“The accelerated decline in the dollar has been well deserved.” – Axel Merk, Portfolio Manager, Merk Hard Currency Fund Stocks are pretty much dead today. But there is some interesting action going on in currency markets. The euro has rallied another…