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ECB or the EUR to Crack?
With little data out today, this morning’s market movement has been driven mostly by talk of ECB demand for Italian debt in the secondary market. The weeks trading decisions have been dominated by Euro yield movements and the Bund spread. If it was not an Italian problem, then it was Spanish or French. Intra-day trading has mostly been a carbon copy of the day before, little change in theme, same toxic variables, and a market all thinking they want to apply the same trade ‘but not at these levels’. In FX we have witnessed a market suffering a slow motion meltdown. With CHF out of the equation, because of the ... (full story)
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