Yesterday, Japanese yen (JPY) actually traded for a good part of the day with a 100 handle! That was a 3.5% gain in one day versus the dollar! Talk about the carry trade being dead¡­ WOW! I looked up from my attempt to work through trading yesterday and saw yen with a 100 handle, and shouted out¡­ "Hey! Look here everyone¡­ Yen is 100! I told you all that yen would get to 100!" Then some smart alec yelled back¡­ Yeah, you said that two years ago, now sit down and trade currencies! HAHAHAHAHA! Funny guys.

On the very serious side folks, is the news that we came across yesterday when attempting to deal in Icelandic krona (ISK)¡­ There was no forward market! Dealers would only quote spot transactions! The banking crisis had reached a point that basically shut the markets down.  wow making gold The currency dropped 33%!!!!! This was serious stuff, folks; I was scrambling around trying to find a forward market so our CD's could roll to the next maturity¡­ But there was none. Well, maybe one could be found if the buyer wanted to take HUGE LOSSES¡­ One that was 1000% away from wow gold the previous week's bad forward points.

Basically, what happened is that, as I reported yesterday morning, the Icelandic Central Bank was waiting to hear from the Nordic Central Banks regarding a bailout, when they had to take the second largest lender, Landesbanki, into receivership. This news spread quickly, and caused the currency to drop to depths not seen in recent years. Since then, Iceland has announced that they have received a 4 billion euro loan from Russia to provide the banking system with help and liquidity.