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Saturday, 2 April 2011

Action Insight Weekly Report 4-2-11

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Yen Selloff Resumed as Carry Trade Returned

The Japanese yen was broadly sold off last week as it's back becoming the favored carry trade funding currency in the current risk seeking environment. Stocks was back above pre-Japan disaster higher with DOW breaking 12931 resistance on solid economic data. Canadian dollar was the strongest gainer last week as crude oil jumped through recent resistance of 106.95. Australian dollar was also strong and made new record high against US dollar. Among European majors, Euro remained the strongest one as supported by rate expectations. Swiss Franc was weak as it's seen as another candidate for funding carry trades. Meanwhile, Sterling was mixed on relatively uncertain rate outlook.

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