Dislikedsomething inside me just doesn't feel right about this move, I had a buy stop earlier at 132.60 and then I removed it lol
I think price might hang around this area all day and then fall starting tomorrow.Ignored
Looks like "Pay homage to your central banker day, with guest star Ben Bernanke" is over - when he left our TV screens, so too began the descent of this BS fx rally. So we give the bulls the day, and sterling turns out to be the strongest currency. Impending equity & fx declines are on hold again. On GJ, we could still see yen weakness in the coming Asia session, so although we've retreat 100+ pips off the daily, we could still see 134.5 and a visit to the top TL 135.2. If that breaks upwards, yen cross bearishness will be on hold.
Debunking The Spain is Safe Myth - Greece was just the opening act; wait till this one gets underway.
The Scope of SNB's Failure in buying Euros - they've spent 31% of Switzerland's GDP buying this turd, and getting a 2 hour bounce until it retreats exactly back to where it was. They now hold incredible yards of euros, all worth less than it's current level.
BOM: Sell your Equities - You're Sure to Get Screwed Otherwise - The wording here from this top Canadian Bank is stark and unreal: "We see credit crisis II as just beginning. Few markets are untouched. Few signs of optimism can be seen. We are now at the tipping point when the crisis becomes more obvious. Markets will get more dangerous during this phase. We advocate a zero weight toward equity, and that investors convert their equity positions to cash. This is our final warning."
European Banks Sitting on $2.6 Trillion of Crappy Debts - The reality is a huge swath of these will never be repaid. Check the graphic, and, the sterling component. So very not good.