There are three highlights to the foreign exchange market today. First, the yen is marginally softer. The yen's strength this month has been the main development. After making a marginal new high yesterday, some semblance of stability emerged in North America yesterday, and this has carried over into today's activity. The greenback largely held above JPY107.90 and rose to JPY108.40 in late Asia. It has been consolidating in the European morning. Japan's Finance Minister appeared to ratchet up the rhetoric a notch, warning that if the moves are extreme and one-sided, officials will take action. Yet the... READ MORE
