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| States accounting for two-thirds of the global economy are either holding down their exchange rates by direct intervention or steering currencies lower in an attempt to shift problems on to somebody else, each with their own plausible justification. Nothing like this has been seen since the 1930s. We live in an amazing world. Everybody . . . → Read More: Gold is the final refuge against universal currency debasement EUR/JPY: Major technical resistance at 114.75 with heavy stops expected above there AUD/USD: Dealers see .9725/50 as the looming pivotal level with heavy selling in this band holding prices down but a break above there could make a run to parity almost inevitable given the large optionality there USD/JPY: BOJ expected to ‘defend’ 83.00 . . . → Read More: Important levels to watch today in major FX pairs China will speed up the introduction of a trial property tax in some cities and then expand the levy to the whole country to curb rising real estate prices, the government said, without giving a timetable. The state also asked commercial banks to stop offering loans to buyers of third homes and extended a 30 . . . → Read More: China to Speed Introduction of Trial Property Tax to Curb Real Estate Boom With no major economic data out of the U.S. today, the dollar continued to trade softer on the back of QE speculation. The dollar index fell to and eight month lows as the prospect of additional easing measures kept pressure on the buck. EUR/USD broke above 1.3600 rising to nearly 1.3645. USD/CHF made new . . . → Read More: NY Session South Korea’s electronics giant, after passing Sony in flat-panel TVs and Motorola in mobile phones, aims to more than triple revenue to $400 billion by 2020. About an hour south of Seoul, bulldozers are demolishing the last vacant factories at Samsung Electronics Co.’s Suwon campus, erasing signs that South Korea’s most valuable public company once . . . → Read More: Samsung Gets Creative | |||||
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