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USD-JPY rallied to a new seven-year high for the fifth consecutive day, reaching 118.97 in early London trade before ebbing back to the low 118s. EUR-JPY and other yen crosses saw a similar price action. EUR-USD, meanwhile, dove from 1.2575 to a low at 1.2504, subsequently consolidating above here. Read more
USD-JPY rallied to a new seven-year high for the fifth consecutive day, reaching 118.70 and showing scant sign of corrective pullbacks. EUR-JPY, meanwhile, extended further into six-year high territory, and GBP-JPY and other yen crosses also made new trend highs. Read more
The dollar was in a slow drift through the morning session, as the market awaited the release of the FOMC minutes. Traded ranges were relatively narrow, and for the most part familiar into the minutes, while on the data front, new home sales came in near expectations, and had little impact. Read more
This morning's report of October housing permits may be the single best piece of economic news of the year. Why? Because housing permits are probably the single most important point of data forecasting the next 12 months. And housing permits made a new post-recession high - in fact the best showing since January 2008. Here is the long view of housing permits for the last 50 years (red) and single family housing permits :(blue): You simply do not get an economic contraction without housing permits having gone down for at least a year. Read more
The Aussie and yen underperformed, the former amid commodity price declines and the latter following the BoJ policy statement and dovish tone of Kuroda's post-meeting press conference. Both currencies lost ground to the euro and dollar, among others. Read more
Another day, another seven-year high in USD-JPY which rallied to a new peak of 117.41 after punching through yesterday's 117.06 peak in Tokyo. The BoJ maintained its ultra easing posture at the conclusion of its policy meeting today, as widely expected following the surprise stimulus in October -- but the Board voted 8-1 in favour of the decision this time compared to the 5-4 tally in October. Read more
The dollar was sideways to a touch firmer in N.Y. trade on Tuesday, as a hotter PPI outcome provided some USD support. EUR-USD found support into 1.2500, though didn't stray higher than 1.2545 through the session. USD-JPY meanwhile, remained over 116.60 throughout, though the 117.00 mark is becoming a good resistance level, after failing two days in a row to hold the figure. Read more
The dollar was mixed, holding strong versus the yen while trading lower against the euro following strong data out of the Eurozone. USD-JPY logged a new seven-year peak at 117.06 on EBS, which by our reckoning surpassed yesterday's high by one pip, after Japanese PM Abe announced a postponement in a scheduled sales tax hike while calling for a snap election. Read more
The dollar consolidated during the pre-European session in Asia. EUR-USD settled around the 1.2470 mark after drifting up from around 1.2450. There was little appetite for follow-through euro selling following yesterday's remarks by ECB's Draghi, who said the monetary policy will take time to reach the real economy and suggested that the central bank can do more once policy makers have implemented structural reforms. Read more
The dollar was mostly firmer in N.Y. trade on Monday, despite the miss in industrial production data, softer yields, and a lower Wall Street. USD-JPY held the 116 handle through the session, though was capped by reported offers from 116.50. EUR-USD meanwhile, traversed the 1.2500 mark early, though later traded under 1.2450 following headlines from the ECB's Draghi. Read more
 and single family housing permits :(blue):
You simply do not get an economic contraction without housing permits having gone down for at least a year.&p[images][0]=/system/files/styles/large/s3/image_226.jpg?itok=jgYmggTS){kind=link}