Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Monday, the 13th of May.
The Aussie Dollar Crashes
Today we are going to take a look at the Aussie dollar to understand why it closed last Friday at its lowest levels since June 2012. This market clearly is on the defensive as Australia re-tools its economy with a lower priced currency. By lowering its currency, Australia hopes, like Japan, to jump start its economy. A less expensive Aussie dollar should help make Australian exports more competitive and more attractive, particularly to China, which is its main trading partner.
This particular trade could be one of the best trades of 2013. If you haven't seen last week's Aussie Dollar video, you can watch it here.
The Trend Continues In The Yen
The US dollar moved to its best levels in five years against the Japanese Yen, as the Yen reached 102 early this morning in overseas trading. The Japanese Yen has been on the defensive against the US Dollar since last October, when our Monthly Trade Triangle kicked in and the Dollar began to accelerate its gains against the Yen. I believe that this market, which is very overbought, is getting close to a target zone around the 103.00 level. I would now expect the 100.00 level to act as a floor for the US dollar. Continue reading "Today's Video Update: Forget Stocks, the Name of the Game is the Value of Money"
