Dollar Goes On Ridiculous Run After Night Of The Intervention

In most markets the word is: Quiet.

The day got off to a bang when Japan intervened to weaken its currency (following Switzerland, which did so 18 hours earlier). Since then it’s been a ridiculous run for the dollar. Check it out against the yen.

chart

But in terms of market impact: Muted. The Nikkei only ended up modestly higher, ultimately.

European markets are higher, but not especially so.  It’s good that Italy isn’t instantly tanking as a reaction to Berlusconi’s speech yesterday.

US: Same, higher, but nothing special.

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