Another day another falling dollar.
Good thing too or we’d be heading for the toilet this morning. They did what they could to prop up the Nikkei in early trading, even triggering our 3am trade early by jamming the Yen down from 83.2 to the Dollar at the start of Sunday trading (5pm) all the way to 83.867 at 9:45 (the Nikkei opens at 9) after which it fell right off the cliff again and back to 83.2. Traders did not like that one bit and the Nikkei fell 140 points after lunch but that was net down just 23 for the day as the market had gotten all excited about the totally fake downturn in the Yen in pre-market trading.
How can Japanese traders be so dumb that they fall for the same trade day after day after day? Don’t flatter yourself, we fall for the same nonsense every day ourselves – it’s just more obvious when viewed from the other end of the Earth. It does amaze me, however, that I can point out our “3am Trade” for what is now 3 years in a row and it still works (shorting the USD/JPY on Forex into the early morning spikes), which shows you just how much money must be thrown at the other side of this farce.
Of course the Japanese are purely amateur-hour manipulators when compared to our Chinese Masters, who made a big deal about creating a $5Bn fund to help Greek shipping companies buy Chinese ships. “We hope that by intensifying cooperation with you, we can be of some help in your endeavor to tide over difficulties at an early date,” Mr. Wen said Sunday in a speech to the Greek parliament. “China will not reduce its euro-bond holdings and China supports a stable euro.” (not the Dollar)
“These agreements and the announcement of China’s intent to continue to invest in Greek bonds are seen as a vote of confidence for our economy, which is going through a difficult time,” said Greek Prime Minister George Papandreou. “As we say in both Greece and China, it is in the tough times that you know who your friends are.” (not America)
Mr. Wen also said China is encouraging its companies to invest in Greece, and predicted that trade between China and Greece likely will double in five years to $8 billion annually. Last year, China’s exports to Greece totaled €3.04 billion ($4.19 billion),…
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