Today's Forex news: Yen weakness and the crisis in the UK gilts market remain the major focus of the Forex market today, with a strong US Dollar as background. Read more:
made a bullish breakout above ¥146 on large volume without any sign of intervention by the Bank of Japan, suggesting it is a real breakout likely to drive the price considerably higher if the Bank does not intervene. The last time the price of this currency pair got near ¥146 the Bank of Japan successfully intervened
to drive the price considerably lower, but it has been steadily trending higher ever since, suggesting the Bank will find it difficult to permanently suppress the price if it wishes to. briefly traded at a new 2-year low a few hours ago. There has been some drama at the Bank of England, as the Pound weakened after the Governor asserted its supportive gilt purchase program would end later this week, then just hours later the Financial Times reported that the Bank was quietly briefing markets that it will prolong its gilt purchases beyond this week, contradicting the Governor. spiked higher following the report of this story, but it is not clear that it will be enough to halt the Pound’s slide for more than a few hours.
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