Grassie....
Indovinello:
mettete assieme questa notizia....
UPDATE 1-French trade min says euro-yen rate manageable
Sat Sep 2, 2006 6:48am ET
MARSEILLE, Sept 2 (Reuters) - French Trade Minister Christine Lagarde said on Saturday that the euro-yen rate was manageable as it stood but the yuan was undervalued relative to the strength of China's economy.
"When I look at exports I am thrilled because they are going through the roof at the moment. But clearly, as the euro appreciates versus the yen, then it's a worry because Japan is one of our main markets when it comes to exports," she told Reuters on the sidelines of a meeting of the ruling Union for a Popular Movement (UMP) political party.
"I think it's manageable as it stands but we are extremely attentive and cautious as to where it's going." she said.
China's yuan consolidated against the dollar on Friday but still set a fresh post-revaluation, intra-day high for the fourth straight day, and Lagarde said she thought it was undervalued.
"There has to be an adjustment between the economic factors of the (Chinese) economy and the currency, and clearly at the moment the currency is undervalued relative to the strength of the economy," she said.
"I think it's an issue which is a global issue, not an issue between France and China, but between China and the rest of the world," she added.
© Reuters 2006. All Rights Reserved.
e poi questa postata ieri mattina....
Net short yen position jumps to record - CFTC
Fri Sep 1, 2006 4:33pm ET
NEW YORK, Sept 1 (Reuters) - International Money Market currency speculators upped bets against the yen to record highs in the week to Aug. 29, data released on Friday showed.
Net short yen positions increased to 88,329 contracts worth $9.46 billion, data from the Commodity Futures Trading Commission showed.
Speculators also doubled net long Canadian dollar positions to 30,605 contracts worth $2.76 billion and only trimmed slightly bets in favor of euro and sterling.
Being "long" a currency is effectively a bet it will strengthen, while being "short" is a bet it will weaken.
When measured collectively against the euro, yen, sterling, Swiss franc, Canadian and Australian dollars, speculators were net short dollars to the tune of $13.9 billion, only slightly below a $14.3 net short position the prior week.
The yen has been one of the worst performing of the major currencies of late after data showing softer-than-expected consumer price gains cast doubt on whether the Bank of Japan would raise interest rates again in the near future.
The BOJ raised rates in July for the first time in six years, but at 0.25 percent, they still lag far behind U.S. and euro-zone rates, at 5.25 percent and 3 percent respectively.
The yen has remained a favored funding currency for investors who put on so-called "carry trades," which involve borrowing in low-yielding currencies such as the yen and converting into higher-yielding currencies such as the Australian or New Zealand dollar.
Many analysts expect the dollar also to be harmed by shifting interest rate differentials after the Federal Reserve kept rates steady last month after 17 straight increases.
The CFTC data on speculative positioning are often used by analysts as an indicator of future market direction.
For example, extreme net short or long positions in a currency often suggest a rebound is imminent because dealers might be uneasy about keeping such a large position open.
JAPANESE YEN (Contracts of 12,500,000 yen)
8/29/06 week 8/22/06 week
Long 33,920 30,853
Short 122,249 105,930
Net -88,329 -75,077
poi questi due grafici... relativi alla situazione dei bond weekly e della posizione dei commercial sui COT...
ed infine questa situazione dell'oex put/call ratio.... (di mercoledì ma va bene lo stesso)
e traete una conclusione
