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Euro trying to make a stand after further plunge
The Euro is trying to make a comeback this morning after its recent disorderly drop on rumors that the ECB is buying Italian bonds. Italian bond spreads have come in sharply – but is the intervention rumor enough here?? After a further steep drop in EURUSD to well below 1.3900 and thus below the 200-day moving average and to below 110 at one point in EURJPY in a disorderly plunge in early European hours, the Euro is trying to stage a steep comeback from huge losses since the levels at which it opened the week. After spiking higher once again, Italian 2-year yields, as of this writing, have come back in around 70 ... (full story)
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