Archived IMT (2010.08.24)

ITS ONLY TUESDAY as JPY makes the transition from rising to soaring amid inaction from Japanese officials. Readers of this website have been warned of 81-80 in USDJPY since January before it was fashionable to do so. Cracks inside the FOMC about renewing QE, forecasts of a possible UK recession by the newest member of the Bank of Englands MPC and warnings from Moodys about further downrgrades in Europeincluding fears of a Eurozone double dip in the event of slowing Asiahave fabricated the perfect storm for deepening equity losses and risk aversion. US July existing home sales seen -14% to 4.630 mln & August Richmond Fed seen at 12 from 16. EURCHF on the retreat again as risk aversion highlights CHF strength but watch out from any SNB action at 1.3070s. AUDJPY deepens losses, calling up 73 and 72.50 as the next key support. Ashraf's CNBC interview on the yen http://bit.ly/cqUi7b