The Debts of the Lenders: Most of the World on Vacation This Week

Not all week of course but on certain days.

Japanese markets are closed on Tuesday (4/28/09). China, Hong Kong, S. Korea, Singapore, France, Germany, and Italy are closed on 5/1/09 (May Day).

Lower volume on foreign markets could lead to higher volatility among those markets that do remain open.

The days to watch are Wednesday and Thursday which both have full schedules. Wednesday - Rate statements by 3 central banks - New Zealand (commodity currency country), BOJ, and the Fed. Thursday has a similar packed schedule of Japanese and US data including unemployment claims for both nations. I would expect further weakening of the yen to occur on both days simply due to the fact that the BOJ has to come up w/new and inventive means of currency debasement.