Yen Dives
The Japanese yen took its biggest one-day tumble in over a month on a report
that business confidence in that country declined for the first time in 11
quarters. Currency traders are also looking ahead to tomorrow’s revised Q3 GDP
figures and calculating that expected lower figures will show that the Japanese
economy is headed for a recession–two consecutive quarters of flat or negative
growth. Initial GDP reports for Q3 were for a slim .2% expansion but the revised
figures are forecast to show a contraction. After gapping lower and establishing
a 25-tick range, the March yen
(
JYH1 |
Quote |
Chart |
News |
PowerRating) is trading on its low of the
session.
March cocoa
(
CCH1 |
Quote |
Chart |
News |
PowerRating) has traced a near-classic
parabolic arch and today’s Turtle Soup Plus One
Sell setup presented a classic opportunity to short an overbought market.
The contract has sold off partially on news that a strike at Ivory Coast ports,
the largest exporter of cocoa, will not have as great of an impact as feared.
Cocoa is off 41 at 1045.
Unleaded gasoline
(
HUH1 |
Quote |
Chart |
News |
PowerRating)
continues to nudge higher and is currently trading at a two-month high. The
March contract’s standing on the Momentum-5
List suggests additional upside pressure. Crude oil
(
CLH1 |
Quote |
Chart |
News |
PowerRating)
is also on the Momentum-5 List, lending support to the view that energies and
gasoline will trade higher.
