Shale production continues to rock the global oil market and is making our target of $88 a barrel looking more likely any day. Since crossing $100 a barrel, which I equated to crossing the Rubicon, oil had has its biggest monthly drop of the year.
In my April column, I argued that 108.00 may be a realistic target for the USD/JPY. Since then, the pair has rallied to break above the 100.00 yen level for the first time since April 2009. So what’s next for this aggressive pair?