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ECB Blames Leak To Hedge Funds On "Internal Procedural Error"
Shortly after 6pm London time yesterday, The ECB's Benoit Coeure told a non-public audience of hedge funds in London that "the central bank would moderately front-load its purchases in its quantitative easing program because of the seasonal lack of market liquidity in the summer." The reaction was a 50 pips drop in EURUSD... but this was inside information was not released to the trading public until around 8am London time - and resulted in a 150 pip plunge. TRANSLATION: a select private group of head funds in London were leaked ECB front-loading news 14 hours before The ECB deemed it 'correct' to publicly release ... (full story)
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Carbon-Dioxide: the gas of life!