Daily Market Notes
The Pair Stopped One Pip Above 158.50. We Have Four Explanations and No Way to Choose.
New York closed at 158.10, Tokyo's low was 158.10 to the pip and its high was 158.51 — a one-pip overshoot of a level this desk published three days ago. We also have three other explanations for that high, including a two-hundred-day moving average that two publishers place in two different spots and neither quantifies, and a one-billion-dollar expiry cluster fifty-one pips below it. Japan's eighth straight real-wage gain and a 1.5-point German production beat both produced no bid, and the same German agency printed factory orders 9.6 points below consensus the day before.