U.S. Investors Scurrying for the Exit?
U.S. Investors Scurrying for the Exit? (Reuters)
Both European shares and oil prices are being held in check today, victimized by the glacial movement of talks in the United States on debt default. Conversely, the Japanese yen is rising, as many investors are piling into it as a safer haven. And according to Lee Hardman, currency economist at BTMU, that may be just the start of a chaotic week for the yen, “We think the closer we get to the debt-ceiling deadline without an agreement, dollar/yen will come under intensive selling pressure.” So, if you’re looking to bank a quick profit as the United States teeters on the brink of default, look to the yen/dollar exchange rate.