Free Trial

Yesterday's plunge in US stocks looks set to....>

YEN
YEN: Yesterday's plunge in US stocks looks set to continue, particularly with
the Nasdaq closing firmly below its March 13 high and the Dow closing below its
200DMA. This is good news for yen bulls given the historically tight correlation
between the yen and US stocks. 
- While the correlation between US stocks and USDJPY has broken down in recent
years, the correlation with the yen's trade-weighted index remains strong as
falls in US stocks tend to trigger broad-based FX weakness excluding the yen. 
- USDJPY is testing yesterday's lows, giving back all of its gains from the
Navarro headlines. A break below 109.37 would likely trigger a strong move
lower.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.