Overview of Liquidity Conditions in Euro Area
FRIDAY, NOVEMBER 23, 2012
Marc Chandler
The euro has surpassed the 50% retracement of the slide since Oct 17 when it peaked near $1.3140.
The 61.8% retracement comes in near $1.2960 and is seen as the next immediate objective.
The driving force is not the fundamental strength of the euro area economy.
The PMI trumps the IFO and points to a Q4 contraction, including for Germany.
Nor it is it a reflection of the successful conclusion of the recent meetings on Greek aid and the EU 7-year budget.
Of course, a deal is likely, but the rancor and mental and accounting gymnastics that are required do not speak well of the process.
Source : Marc Candler
FRIDAY, NOVEMBER 23, 2012
Marc Chandler
http://3.bp.blogspot.com/-yf3gC5p6Zh...t%2Bcrisis.png
The euro has surpassed the 50% retracement of the slide since Oct 17 when it peaked near $1.3140.
The 61.8% retracement comes in near $1.2960 and is seen as the next immediate objective.
The driving force is not the fundamental strength of the euro area economy.
The PMI trumps the IFO and points to a Q4 contraction, including for Germany.
Nor it is it a reflection of the successful conclusion of the recent meetings on Greek aid and the EU 7-year budget.
Of course, a deal is likely, but the rancor and mental and accounting gymnastics that are required do not speak well of the process.
Source : Marc Candler
Always looking the GREAT, never left GOOD Point...