Word salad is all you get from central bankers, especially the BOJ, who continue
to pound the airwaves about “concern” over a weak YEN … they want to have it
both ways … weak currency but low interest rates … sorry, no can do! … on the
other hand, you got the Morons at the ECB, led by a woman not qualified to run a
hot dog stand … like the “Manchurian Candidate” disappearing VP in the U.S.,
she’s there cuz she gets all of the diversity boxes checked, but has ZERO talent
… what can possibly go wrong?
It’s inflation Friday! … “Asia flies, the rest of the world dies”, so nothing new
there, as Europe to the U.S. CPI numbers at 08:30 AM EST a complete joke
… nothing here but a hot mess of garbage chop, with a slight bias to the upside
in USDJPY … well, that escalated quickly didn’t it? … FASTEST INFLATION IN
41 YEARS, but no worries cuz “Taliban Joe” is on it … eating, energy, and health
care is so overrated in people’s lives, isn’t it? … I see where typewriter ribbon is
down again, so that will make creepy Uncle Joe happy … what a frickin’ joke
… can you say “transitory”? … what’s the “real” inflation rate?
And while the CPI came in “hot”, you wouldn’t know it from USDJPY … a nothing
market from the European open to the CPI release … 10 minutes of first FOMO,
then panic selling, back to the middle, where we’ve been ever since to the London
Fix … and while rates are higher, a few things are mitigating bullish enthusiasm in
USDJPY … 1) with the hot mess from LaGarde yesterday in her ECB presser, bond
fragmentation [meaning higher rates for the poor E.U. countries] has come back
with a vengeance, and it’s spooking the shit out of EURUSD … the ECB shot its
wad telegraphing rate hikes, so they got nothing left in the “word salad game” to
support EURUSD, and after 10 straight days UP in EURJPY [11 in GBPJPY, which
is getting monkey hammered as well], it’s “spec slaughter” time [as I predicted]
in the crosses which means buying JPY [selling USDJPY] … those flows are
keeping a lid on USDJPY … 2) continued nightly bullshit from the BOJ and
“Peter Pan” Kuroda & crew, which after a while people are starting to take notice
of the rise in USDJPY and maybe figuring it’s time for a rest … and 3) the entire
world is LONG USDJPY, and going into a Friday with the FED interest rate
decision next Wednesday, with the seen weakness we’re seeing today, it’s time
to ring the register … add it all up, and you got a recipe for USDJPY “chop city”.
Meanwhile, the 10 YR. Treasury is above 3.15% … perhaps Kuroda is keeping his
powder dry via intervention until rates look like they’re peaking, before he pulls
the trigger … maybe he’s 150% pure bullshit, just trying to slow things for the
importers / exporters, and has no intention of blowing billions of YEN for
nothing … dunno, but if next week we blow past 135 like we did 131.500, and
nothing is done, you’ll know it’s bullshit … and it all portends massive inflation
ahead for Japan, cuz they import EVERYTHING … good luck keeping the 10 YR
JGB at 0.25%
I figured today would be wild … in the crosses it is, but it’s not coming from
USDJPY, it’s coming from the numerators of those FX pairs … quite frankly,
especially in EURUSD & GBPUSD, the markets are not cutting them any slack
whatsoever, either in dealing with skyrocketing energy prices, or impending
inflation problems they continue to deny … and that denial ain’t a river in Egypt!,
and is seen by both markets as delusional in dealing with the problems … it’s
more serious for EURUSD cuz of the Russia / Ukraine clusterfark, CIA proxy war
Libtards are famous for running to deflect the public’s attention away from
domestic issues … but I didn’t really think USDJPY would just die on the vine
… now into the New York afternoon on a Friday, this is the kind of thing that
frustrates the shit out of me … nothing to do pre inflation release as markets are
dead … then we get 5 - 10 minutes of trading action where both longs & shorts
get slaughtered “el mucho quicko”, followed within literal minutes of NADA
… just an absolute bullshit Friday market in USDJPY… ughhhhh!
I guess somebody emailed the gold market today as well, since it’s up $50 from
its low … nice of it to notice … FUBAR everywhere you look … the “Spoos”
[SP500] getting monkey hammered below 3900 … I guess “Bidenflation” ain’t so
hot for “Stonks” … and another generation finds out the hard way that, yes
indeed, the “Spoos” don’t always go up every day, and that there’s this thing
called a “bear market” they never heard of, or if they did hear of it, it was only
supposed to last about 3 hours or so before the climb started again … sadly,
BTFD doesn’t last forever.
For the news flow today, and given the VIX of USDJPY lately, this day is very
disappointing in terms of tradeable action … pathetic … onto next week and the
Lounge Lizards at the FED on Wednesday … no trades today simply cuz there
was nothing to do inside a tiny “Flying Wedge of Death” [FWD] post inflation
numbers that went nowhere … now into the New York afternoon, the virus scum
at JPM & Squid, to name just a few, can do whatever they want … “scumbaggery
& fuckery” surely in the cards when they run things.
Blog update on Sunday … outta here … “The future’s so bright I need 2 pairs of
sunglasses 😎😎, and my own Brinks armored truck”!! 💓… Onward & Upward!!
-vegas
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