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Crude softer, Trump calls Iran strikes off ../ Eq : Leopold lows late July / U.S & Japan confirm JPY intervention #EURJPY
- sc0172
- 3 hours ago
- 2 min read
Iran Updates : Iran foreign minister says that talks with Oman about transit in the Strait of Hormuz are in their “final stages.”, Trump calls off Iran strikes, crude up, risk up, Iranian Foreign Ministry spokesman Baghaei: as long as U.S. "aggression" continues, the strait stays closed. An agreement with Oman over the route is not enough to reopen it
Markets : MS upgrades KOREA TO OVERWEIGHT, JPY had it coming, U.S., Japan confirm coordinated yen intervention signal readiness for more ( so they agree JPY is too weak by 10% or so minimum..), The U.S uses EURO to buy JPY (to avoid signalling weaker USD signal..), the real BIG question now is whether the carry trade is still on the agenda, we only corrected 4-5% in USDJPY (this is NOT enough to take out long-.term carry trades...), this intervention was with the U.S participation, so it should/has to matter !..., CHFJPY still way out of PPP valuations (we still like this cross lower), equity markets put in the 'Leopold lows' late last week (when the cat is out of the bag 'Leopold liquidation', it marks the lows, pretty standard stuff..), DAX makes new all time highs as we start August
Japan’s Finance Minister Satsuki Katayama said: “We will not hesitate to conduct further coordinated intervention.”
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Acyn on X: "Reporter: Why is the U.S. intervening to support the Japanese yen at this time? Trump: Japan’s been very good to us, with the exception, of course, of Pearl Harbor. https://t.co/MY2uFdDBYA" / X
The answer to this question is mathematic. Japan owns $1.143 Trillion in US debt, according to the US Treasury. So if Japan needed to defend its currency without the US buying Yen it would almost certainly sell its US debt. That would lead to a rise in the interest rates.
So the sky is not the limit for Gianni..
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