Oldtent Archives 2007 - 2008

By Garfield Reynolds

Oct. 27 (Bloomberg) — The Reserve Bank of Australia intervened for a second straight trading day in foreign exchange markets, buying Australian dollars as the currency traded near a five-year low against the U.S. currency.

The central bank “provided more liquidity to the foreign exchange market,” a spokesman for the Sydney-based RBA said today by phone. He declined to be identified. The intervention came amid similar circumstances to those on Oct. 24 when the central bank bought Australian dollars, according to the spokesman.

Australia’s dollar plunged 9.7 percent against the greenback and 16 percent versus the yen last week as investors bought back currency borrowed in so-called carry trades.

The Australian dollar pared declines after the RBA acted, trading down 0.3 percent at 62.05 U.S. cents at 11:46 a.m. in Sydney, from 62.23 cents on Oct. 24 late in New York. It earlier fell as low as 61.26 cents. The Australian currency dropped as much as 3.9 percent to 56.38 yen and traded at 58.31 yen, down 0.6 percent from the end of last week.

In carry trades, investors get funds in nations such as Japan that have low borrowing costs and buy assets where returns are higher. The risk is that currency moves erase the profits.

Australia’s benchmark interest rate is 6 percent, compared with 0.5 percent in Japan and 1.5 percent in the U.S.

Central banks intervene in currency markets by arranging sales or purchases of foreign exchange.

the japanese will probably not intervene until the yen carry trade is exhausted. some of that yen they loaned out were probably converted usd. i’m sure they would like to get their loans paid in full before they start any currency “adjustments”.

rno

stockcharts.com/charts/tickercloud.html

………with all currencies in a coma…..

…….. fiat is flat for once

………..They are getting Killed by the Strong Yen !

…………Couldnt they sell yen and dollar reserves and buy Euros and other currencies ?

………..They Do Intervene periodically….and they dont lie about it !

………..or is the unwinding of the yen carry Trade just too overwhelming even for their Trillions of Dollar reserves ?

Betch no one has any TA on this one !

stockcharts.com/h-sc/ui?s=:&p=D&st=1999-01-01&en=1979-01-01&id=p23312217783

…what a question !

….grab it…!

some here would give you 900 tomorrow !

” Wednesday, August 04, 1999 .. The International Monetary Fund agreed this week to loan $193 million to Zimbabwe .. ”

I wonder of common denominators ..

Sorry to hear about the back. It’s an age thing, though you are fitter than most of us. When mine goes, curiously the best thing is more rowing in the dinghy. We have an inflatable with a 15hp Honda, and a 2hp Honda for the rowing dinghy. But the only thing we actually use is a pair of oars. And the more we use them the better we feel. The dinghy has a home made sailing rig which we dearly love too, for longer distances.

All  this is to say, the up side of a downturn will be that we’ll all be a lot fitter.

Cheers - Lifeboat

PS Sorry we’ll miss the meeting, it’s just too expensive to fly there from Honiara. Besides, we have to leave for the north Pacific very soon, to escape the coming cyclone season. Enjoy, it’ll be the best yet.

Just catching up.   Last week for one day the lobster price was $2.50 a pound.   Can’t pay to fuel up the boat at that price.  Another reason for the plentiful supply is that a few years ago the length of the carapace was increased by 3/32nds of an inch to be a “keeper.”   That was just enough to allow the female lobsters to lay their first set of eggs.   I only eat lobster three times a year, because the meat is so rich.   The lobster is our green (red when cooked) gold  on the Maine coast. 

dated 1-Dec-03, six pages, article link , from page 4 of the article is the quote ..

“  Gann said, “Time cycles repeat because human nature does not change.” That is why wars occur at regular cycles. (Note that Sept. 11, 2001, was 60 years from the bombing at Pearl Harbor in 1941.) Old people don’t want wars; neither do they want to go into war after they have been through one. Young people fight the wars because they read history and want to be heroes. Leaders of nations appeal to the young who have no experience and induce them to fight. ” ..

the article also mentions 82 and 84 year cycles … it does not mention that it takes Neptune about 2 times 82.4 ( Earth ) years to travel once around the Sun, and it does mention that it takes Uranus about 84.32 ( Earth ) years to travel once around the Sun

The article does not mention  Gann Squares being related to the Square Aspect of Astrology ..

2_p

from the WSJ Link is ” .. The IMF board will consider final approval of the $16.5 billion, 24-month standby facility once Ukraine passes some financial reform laws, it said .. ”

step three-point-five coming up ..

by CalculatedRisk

From the WSJ: IMF to Lend $16.5 Billion to Ukraine

The International Monetary Fund Sunday announced its second national rescue plan in a matter of days, saying it would lend $16.5 billion to Ukraine.

The announcement follows Friday’s a $2.1 billion loan to Iceland … Pakistan and Hungary are also talking to the IMF.