Parallel Play or Joint Intervention? north The Bank of Japan intervened in the foreign exchange market in late July. Initial indications put the operation at roughly JPY8.45 trillion, near $52.8 bln, as the dollar approached JPY164. The mechanics repeated a pattern seen in January. The Federal Reserve reportedly checked on rates, which [...]
Week Ahead: Soft CPI to Follow Disappointing US Jobs Report north The market has not been comfortable since the Federal Reserve meeting at the end of July. Despite the lip-service paid to the Fed's price stability mandate, only three officials favored doing something (raising rates) about it. It was hardly a coincidence then that the media reported that [...]