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| User Info | CITI SIV NEWS HAS LEGS...YEN RALLYING; entered at 2007-12-02 18:33:59 | |||
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Fakemark Posts: 0 Registered: 2009-06-11 
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LET'S LET THESE RETARDS PRETEND LIKE THIS IS A SHOCK. Yen Gains After Moody's Puts Citigroup SIV Debt Under Review By David McIntyre Dec. 3 (Bloomberg) -- The yen advanced from the lowest in two weeks against the dollar after Moody's Investors Service said it may cut the top ratings on six of Citigroup Inc.'s seven structured investment vehicles. The yen gained against all 16 of the most traded currencies after Moody's said it would review Citigroup debt totaling $64.9 billion, in a statement dated Nov. 30. The junior notes of three of the funds have been downgraded to below investment grade. That prompted investors to pare holdings of carry trades, purchases of higher yielding assets with money borrowed in Japan. ``The Moody's news over the weekend suggesting more write downs prompted yen buying,'' said Sue Trinh, a currency strategist in Sydney at RBC Capital Markets, the second-most accurate exchange rate forecaster in the second quarter, according to Bloomberg data. ``This is likely to continue for the next two months.'' The yen gained to 110.97 per dollar at 7:45 a.m. in Tokyo from 111.24 late in New York Nov. 30, the weakest since Nov. 16. Japan's currency traded at 162.61 per euro from 162.82. The dollar was at $1.4649 per euro compared to $1.4633. The yen may gain to 110.50 per dollar and 162 per euro today, Trinh said. To contact the reporter on this story: David McIntyre in Sydney at dmcintyre2@bloomberg.net Last Updated: December 2, 2007 18:13 EST | |||