Markets Are Falling To Their Lows Of The Day
An early afternoon rally is being followed by a late afternoon sell-off.
Just after 2:00 PM ET, the yen finally crossed the ¥100 yen per dollar level. This is yet another sign that Japan's extraordinary efforts to weaken their currency is working.
However, this also means that the dollar is strengthening relative to the yen. This may be a source of consternation for traders who are concerned about American exports becoming more expensive to Japanese consumers.
According to Doug Kass, there's a rumor circulating that the Wall Street Journal's Jon "Fedwire" Hilsenrath may soon be publishing a story about the Fed tightening monetary policy.
Hilsenrath has a reputation for being close with the Federal Reserve, so his reports are often market movers.