Into a new month...03/09

The dominant play in the mkt is the weakness of the Jpy. Much also has to do with the Usd preference against it but I reckon that may be secondary. So where should we be focusing on ? Looking to the crosses for any leads ...the jpy crosses. Eur.. there seems to be a apparent targeting of the 1.2500 level. With ECB rate decision this week .. its a good time as any. The asian session has not shown much except for light volumes. Play good defence in these mkt conditions and it'll be alright. The focus remains on the banking sector globally. Well the impact reaches the insurers, property mkts and retail/auto mkts. Rates are historically low and some expected to play catch up. The impact of low rates is deposit rates edge to zero and this post the challenge to financial instituitions to lend rather then hold deposits. The question therefore is not about rates anymore. Its about the quantity of money. QE should help to direct the money supply. Monies have to come into the economies.. in spending and consumption and building. Would like to see M3 growth slow and M1 growth pick up. But we may be a ways to go on this.