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Jamie says ......

In 1998, during the LTCM meltdown, USD/JPY fell from 136 to 111 in one day. The Fed came in for the BOJ that day and bought USD/JPY. Todays episode has not reached that level yet, but a little well-timed intervention could perhaps steady all the markets. DO NOT BE SHORT USD/JPY DOWN HERE!

Jamie also says ........

Dealers fear the potential for the BOJ to intervene but they have no fear of intervention from the ECB. In this environment, a weaker Euro is a godsend for Europe.

Who is Jamie ???

he's that chef who does school dinners!

That's okay then.

I feel happier knowing that I'm reading commentary from someone who is more qualified than the so called city experts :O)

'Toad in the Hole' or as they call it in the City 'Darling up shit creek'




toad in the hole
Serves 4
Mix the batter ingredients together, and put to one side. I like the batter to go huge so the key thing is to have an appropriately-sized baking tin – the thinner the better – as we need to get the oil smoking hot.

Put 1cm/just under ½ inch of sunflower oil into a baking tin, then place this on the middle shelf of your oven at its highest setting (240–250ºC/475ºF/gas 9). Place a larger tray underneath it to catch any oil that overflows from the tin while cooking. When the oil is very hot, add your sausages. Keep your eye on them and allow them to colour until lightly golden.

At this point, take the tin out of the oven, being very careful, and pour your batter over the sausages. Throw a couple of sprigs of rosemary into the batter. It will bubble and possibly even spit a little, so carefully put the tin back in the oven, and close the door. Don't open it for at least 20 minutes, as Yorkshire puddings can be a bit temperamental when rising. Remove from the oven when golden and crisp.

For the onion gravy, simply fry off your onions and garlic in the butter on a medium heat for about 5 minutes until they go sweet and translucent. You could add a little thyme or rosemary if you like. Add the balsamic vinegar and allow it to cook down by half. At this point, I do cheat a little and add a stock cube or powder. You can get some good ones in the supermarkets now that aren't full of rubbish. Sprinkle this in and add a little water. Allow to simmer and you'll have a really tasty onion gravy. Serve at the table with your Toad in the Hole, mashed potatoes, greens and baked beans or maybe a green salad if you're feeling a little guilty!

this made me smile, twin headlines on DailyFX

US Dollar Loses Most Against Japanese Yen in 10 Years
Monday, 06 October 2008 15:01:12 GMT

Japanese Yen Advances The Most Since 1998
Monday, 06 October 2008 14:32:29 GMT

Nothing like making 2 stories out of one !!!

Foxey,

That's Jamie Coleman, ex of Reuters FX Hub. I'll be mailing you over the next few days, so will let you have a link.

I preferred Bullie's version. And recipe.

Just for DelBoy ....



James Bullard, Bullard.
Better than Frank Lampard.
Better than Steve Gerrard.
James Bullard, Bullard.

He doesn't think that rate cuts are the answer either. He doesn't have a vote though.

Dezza's probably thinking that's a lot of Bullards :o)

How sweet of you to think of me, Hil. And he's right, of course, central bank rates just aren't the issue. Unfortunately, it's the only knob they've got to twiddle, so they keep wanting to twiddle it. As Mr Bullard doesn't get to twiddle it, he's free to speak the deadly truth.

Well here's a crowd that have gone against the grain, DelBoy, even if Jamie does think they're twerps ........

Something stinks in Denmark
October 7, 2008

The Danes just raised rates 40 bp to 5.0% in order to re-establish a positive rate spread versus the ECB. They also intervened to supported the Krone. This begs the question what benefit does Denmark enjoy staying outside the euro if it feels it needs to maintain a higher interest rate and does not take advantage of a weaker currency. Very odd indeed.

The rest of the world is cutting rates, you silly twits!

Perhaps they're trying to be the new carry trade ;-)

Well Doris has got me licking my lips and I'm having Toad in the Hole tonight. With salad and coleslaw.

poor old toad !

With all the exitement on the equity markets lately I have not looked at FX to see where its going. Have I missed much?

Difficult to be precise on a monthly chart, but it looks like cable's just bounced off long term support for the second time today.

Will it hold or is this the end of its seven year up channel thingie ...

Italian finance minister proposes currencies be part of “new Betton Woods”
October 15, 2008

Italian finance minister Tremonti, the main proponent of what he calls ” a new Bretton Woods agreement” (which fixed exchange rates and adhered to a gold standard),suggests that currencies should be a part of the discussion. Tremonti is a noted antagonist to globalization.

Not only do the Italians want to legislate against hostile takeovers, they don’t want you to be able to speculate in currencies. This from a country which followed beggar-thy-neighbor policies for generations is pretty rich.

Wondering if any one else on here trades currency options and who may be a good broker to use for this?