|Wed, July 21, 16|
US Market are under pressure in the Pre-US session after Kuroda says no need or possibility for helicopter money. What he really says, are global markets need a crisis so he can implement helicopter money. In return, FX shifts occurred with the USDJPY rejecting the 107.50 handle crashing down to the 105 handle and stabilizing in the low 106 range. The DXY sold off briefly, but has stabilized in the low 97 handle. Our new PT on DXY is the 102 handle EOY’16 unless central banks find a way to curb the momentum. EURUSD maintains the 1.10 handle with GBPUSD back down into the 1.318 level. We focus on TRY/USD otherwise known as the LIRA crashing to record levels -700bps since the coup attempt. An unorthodox DEVAL against the DXY, but hey it’s 2016 anything goes.