All times are EST. Thought it might be useful to recap what’s been happening the past few days. Forex has demonstrated uncharacteristic activity concerning the Dinar (IQD), the Dong (VND) and Rupiah (IDR).
While the Dong likes to trade around 2AM (Tokyo market) it has always opened relatively flat at 7AM, an hour before the NY Market opens.
There has been evidence of “pinging” (testing) in the evening hours, when all is usually quiet and 0.0000.
The dinar has been seeing a CBI spread of 1164/1166 with occasional spreads of 1138 /1188 during the day but always settling down to match the CBI in the evening.
This has been the routine since Tuesday, then yesterday happened.
Around 9AM, all three currencies went to an even spread and used the lowest number to date for the High, Low and Opening Bid columns.
Specifically, Dinar was 1138/1138, had a high of 1138, a low of 1138, and an opening bid of 1138. As the boss famously asks, “Who does that make sense to?”
Then it continued to refresh on the hour but not change
Normally, a refresh accompanies a change in rate. It stayed that way all day, refreshing a total of seven times instead of the average three (7am, noon, 5pm) and the Dong and Rupiah did the same, all in lock step of one another.
That just don’t happen in these here parts. My conclusion is they were calibrating and testing the three basket currencies.
As of 7AM this morning Dinar is back to 1140/1188, High 1140, Low 1138 and Open 1138. Still bizarre.
Dong and Rupiah show similar per their own ratings. I think we have seen all we will concerning the RV on Forex until it actually happens.
I still side with Tony and say it will be sometime tonight after Forex closes for the weekend.
Let’s see what other Intel the day brings and what’s on the call.
Like the Banks and Okie and the rest of the world, we sit in Casa Blanca, and wait…and wait…but not for long, I think.