A Yen for the Carry Trade
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This lucrative currency strategy may be coming to an end.
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The yen advanced on Wednesday as a fall in Asian stock markets heightened risk aversion and saw investors shy away from carry trades.
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In WASHINGTON story headlined &quot;IMF says loosening of yuan in China&#39;s interest&quot; please read in first paragraph ... undervalued ... instead of ... overvalued ... (corrects direction). WASHINGTON, Aug 25 (Reuters
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The yen held close to the previous  session's four-week high against the dollar on Thursday while  the dollar held steady on the euro as investors awaited U.S.  labor and manufacturing data due later.  The Japanese currency  rose to a high of 109.28 per dollar late on Wednesday, as cross  currents in the market, mainly from a steep sterling fall,  forced yen sellers to buy the Japanese currency back, pushing  it higher against the dollar.
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The euro traded above $1.40 for the first time since the common European currency was introduced. The dollar also sank to one-to-one parity with the Canadian dollar.
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Learn how to avoid saving a nickel while losing a dollar.
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The yen rose against the dollar and the euro on Thursday as a rally on global stock markets failed to convince traders to step back into risky carry trades.
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NEW YORK - Once a year or so we like to check in on the dollar to find out if it is strong. Inevitably it is, but it is strong in different ways each time.
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Here's hoping you're not a typical trader, in many regards.
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The yen stayed near one-month highs  against the dollar on Wednesday, supported by concerns that the  currency's relative weakness may be discussed at this weekend's  meeting of Group of Seven finance ministers and central  bankers.
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Investor's Business Daily - After fretting for months about the bulging U.S. deficit, in recent days currency traders have turned their attention to the health of the world's other economies.
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TOKYO (CBS.MW) - The Bank of Japan&#39;s latest tankan survey shows why Japan can afford to wait, and did not fight the yen&#39;s strength against the dollar with currency intervention.
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Think twice before engaging in a lot of trading. Patience often wins out.
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One of the pioneers of offshoring tries to cash in.
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The pound was down against the Euro and US dollar but made gains on the Japanese yen.
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Yesterday, I asked how an ordinary American investor could hedge against weakness in the dollar.  To clarify, I wasn't thinking of converting stocks or bonds to currency. I keep a certain portion of my portfolio in an interest-bearing account, it's that portion of my portfolio that I'm interested in diversifying.  Anyway, this is something that a fair number of Scripting News readers know something about, and lots of great advice came back in short order. 1. ETFs are stocks traded on the NYSE that track various currencies. It may be the simplest way to diversify cash holdings. 2. HSBC and Everbank have multiple-currency accounts. But watch out for commissions every time you convert from one currency to another. They could wipe out all the gains you may have from holding assets in one currency vs another. 3. Becoming a currency trader may not actually be so hard, and you get the best rates on currency exchange.  4. Paypal lets you store value in a variety of currencies. Thanks everyone for the excellent info!
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Did you see Alan Greenspan on 60 Minutes tonight?  What a revelation, one of the most powerful political and economic forces, but until now, basically silent. There were so many interesting things in the interview, but one of them left me with an urgent action item. Lesley Stahl, the interviewer, asked what currency he got the advance on his book in? He said it didn't matter, because he could convert to whatever currency he wanted, begging the question. She pressed, and he volunteered that the best choice is to be diversified. Which of course is a conclusion every money manager would reach on their own, it's just like stocks and bonds, you never want to have all your eggs in one basket, the best strategy is to be diversified.  I've wanted to be diversified in currency for quite some time, but have found it's not so easy. I have an investment account and a checking account, both are in US dollars, and neither offers the option of anything other than that. I just spent a couple of hours with Google trying to figure out where I could open an account that would allow me to keep cash in euros, yen, yuan, dollars (Canadian, US, Australian or New Zealand), pounds, or... ? I found that I could become a currency trader, which is absolutely not what I want. What I'd like is something like a mutual fund for currency. Or failing that, a certificate of deposit that allowed me to specify what currency it would be in.  So I thought I'd ask the smartest people I know, the readers of this blog. Do you keep your savings in more than one currency? Is there an online bank that does this well, one that a US citizen can use (that is, it sends 1099's to the IRS). Any ideas would be much appreciated.