What exactly is the yen (JYN) doing at this level? I have been asked this question more frequently than any other since the financial crisis and the collapse of the carry trade. Questioners have been particularly insistent these past few weeks. I now anticipate the euro version: Portugal will be the third sovereign EMU bailout, why is the euro (ERO) strong?
The Irish elect a government committed to modifying the terms of the EU bailout. Jose Socrates? government in Portugal falls because it could not force another austerity plan through parliament. Lisbon will be without an elected government for at least 55 days. The Portuguese Treasury must rollover ?4.2 billion euros in sovereign debt on April 15th and a further ?5.0 by June. Presumably Lisbon will need a bailout for which there is currently no one on the Portuguese side with the authority to negotiate with the EU and in
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