JP: trade surplus down, yen follows
As Japan's trade surplus falls off a cliff, the yen is falling against the USD and other currencies are acting up, too.
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79.7%. That's the reduction in Japan's trade surplus in the past month. The fall is blamed mainly on the 30% increase in oil prices in the past quarter.
The yen's fall against the dollar in the first two hours of trading was rapid: from 111.8 to 111.3 and it's still falling but the general feeling is that the drop will slow and that there will be a rebound to perhaps 112.5 within about a month.
The USD is falling against the euro, defying analysts who forsaw the euro weakening because of political turmoil in Germany.
The GBP / USD rate went to just over 1.8 in Far East trading this morning showing that the US currency is suffering as Hurricane Rita threatens oil supplies even before they have been fully restored after Hurricane Katrina caused massive disruption.
Gold is trading at an 18 year high as investors seek a safe haven from uncertain currency movements.
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