Yen rises, carry trade unwinding. USD rises verse Euro.

November 12, 2007 - Forex Economic News

Yen rises, spurs carry trade unwinding. In trading today, a US Veteran's Holiday, the Japanese Yen rose to 110 per dollar Monday, its highest level in 18 months. As the yen increased across the major currencies today, it has prompted forex investors to close out their carry trades as market volatility and the continuing mortgage loan fallout increases the risk of their positions.

USD rises verse Euro.

The usd rose against the euro today, reversing its decline as the pair was trading around 1.4535 at 11.30 am ET down from an all time high of 1.4752 last week.

Morgan Stanley downgrades HSBC.

In the continuing mortgage market crisis, Morgan Stanley downgraded HSBC Holdings stock on expectations that more losses will be mounting. Read More. Also, Deutsche Bank AG analysts said today that the fallout from the mortgage crisis may amount to losses of $300-400 Billion worldwide.

Jim Rogers touts Asia.

Jim Rogers, former partner of George Soros and co-founder of the Quantum Fund, is in the news today talking about the USD decline, the strength of China, commodities and his belief about the inevitable rise of crude oil prices. Story here.

Tags: Carry Trade, Forex Market, Jim Rogers, USD, Yen, Euro- - - - -Blog index