On Thursday Yen pairs looked lethargic. Probably because of holiday in Japan, coming right after sleep inducing rate decision by FED. All day long JPY pairs were contracting into ever tighter range, which formed very close to previous highs, best visible on hourly charts. While writing yesterday I expected a little more movement during Asian [...]

Recent downgrades of European debt by the three credit rating agencies, served as a catalyst to sell off bonds of countries involved as well as the Euro. They are also at the center of “contagion” ( new darling term of journalists and analysts) spreading through the continent. Now, however, after quick downgrade of three countries, [...]

Following large swings yesterday, and awaiting FED rate decision today, expectation was for a relatively quiet day in currencies. Exception would have been farther deterioration of situation in Europe. And that’s what happened. Standard & Poor’s cut the debt rating of Spain, lowering it from  AA+ to AA with a negative outlook. At the same [...]