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21 Aug 2015
Why the Yen may remain bid on Friday?
FXStreet (Bali) - The potential for the Japanese Yen to remain on demand in early Friday remains fairly high, if one considers the risk-off profile in market conditions.
Risk-off settles in
On Thursday, we saw a text-book example of risk-off market conditions, with Yen crosses battered lower, with the exception of the Euro, as the EUR/USD crowded short trade unwinds, while Gold and 30-year Treasury bonds rose strongly, with the SP500 suffering its worst 1-day loss in more than 1 year, ending below 2%.
Greece, North Korea in Asian front-pages
To put the ribbon on the risk-verse conditions currently present, Greek PM Tsipras confirmed his resignation as Greek PM, with the ballot expected to take place on September 20th. Moody's said that Tsipras resignation puts Greek third bailout at risk. To make matters worse for those seeking risk-friendly assets, North Korea's Kim Jong Un ordered army into state of war.
Risk-off settles in
On Thursday, we saw a text-book example of risk-off market conditions, with Yen crosses battered lower, with the exception of the Euro, as the EUR/USD crowded short trade unwinds, while Gold and 30-year Treasury bonds rose strongly, with the SP500 suffering its worst 1-day loss in more than 1 year, ending below 2%.
Greece, North Korea in Asian front-pages
To put the ribbon on the risk-verse conditions currently present, Greek PM Tsipras confirmed his resignation as Greek PM, with the ballot expected to take place on September 20th. Moody's said that Tsipras resignation puts Greek third bailout at risk. To make matters worse for those seeking risk-friendly assets, North Korea's Kim Jong Un ordered army into state of war.