Crude and FX

In Europe this morning the bureaucrats are not having a good one. One can only imagine the scramble to get out of Euro's , from CFO's  to the individual saver.  
Gold In Euros Breaks Out, As Inedible Metal Hits All Time Highs In Europe

 And Brent priced in Euro's hits new highs for the last 7 mo.'s. as well. See Previous post. 
WTI Euro Divergence
Of course today's Eurozone jobless number rising to 10.1% doesn't exactly bode well for whatever products they might be planning on refining from that crude.
And storage isn't particularly attractive with the curve flattening out.

Back to FX - with all the noise over Euro, one can be excused for overlooking the Yen top. 
 The more recent complete 5 waves up from May this year is rather obvious, and the Fib retrace points no doubt will provide some support , at least short term. However this latest move up likely completes a long term move up beginning in '07 at 80.59. If that is true then the the Yen will overlap this years lows, with .97 being a .62 retrace of the longer term structure. 

Combined GDP of Eurozone, US and Japan '09 = 35.6 Trillion
China and India = 6.22 Trillion


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