Regardless, my views are that fundamentals is a zero predictor of price. In addition, I am taking out all long positions held as my regression tool indicates that there is just a 1% chance of further upside on the EUR daily chart. Best of the trades to all.
Politicians drive bank union but markets focus on Spain
Spanish borrowing costs rose above 6pc again as a continued stand-off between Madrid and Brussels fuelled fears that the European Central Bankís bond buying programme pledge is not enough to stabilise the eurozone. The yield on Spainís benchmark 10-year bonds were pulled back just below 6pc at the close, but their steady rise all day reflected bets by traders that Madridís determination to resist a bail-out will cause more volatility. Some argued that optimism that followed the unveiling of the so-called ďDraghi PlanĒ to buy bonds was already wearing off. John Wraith, a fixed-income strategist at Bank of America Merrill Lynch told ... (full story)
- Posted: Sep 18, 2012 3:51am
- Submitted by:Category: Fundamental AnalysisComments: 3 / Views: 757