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  • Spain's cabinet to proceed with Article 155 of the constitution on Saturday after Catalan leader's letter - Reuters, quoting sources

Added at 4:13am

EURO BMB
Be on the right side

Catalan leader writes to Spanish PM to confirm declaration of independence still suspended
Its a shock but it has no finality in the sense that like it or not, Catalonia stays.... they used it to do what the EUR wanted aka get to the daily pivot.

If they keep trading statements it might go lower depending on the shock value but in the end... its just shock.

At this point its the Catalan leader doing as much damage as he can before admitting defeat i think... should have arrested them all as traitors would have prevented this show but o well, in the end its the same result.


EDIT: I`d only worry if it goes consistently under the pivot for today... also depends on your time frame, for people with 10 pip SL`s this was a disaster.

EDIT2: If it goes back above 805 i`d say it will continue up, at this point i`m leaning long medium term... short term, depends on how much the politicians milk this.
Another Brexit-like drama. No more no less.
Long live the revolution! Bring it on!
Quoting Ken A
Another Brexit-like drama. No more no less.
Catalonia is a small region of Spain... can`t really compare that to the UK. Also, the UK could leave.... Catalonia can`t according to the law.

This is why its not such a huge impact... if it had been say Spain as a whole, then it would be similar. But its just a regions that legally can`t leave... so in the end it won`t leave because it can`t, no matter what the politicians say.
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Quoting mrcreosote
Long live the revolution! Bring it on!
Revolution and drama for no reason my friend. Revolution's purpose is not to split in two one country because a part of it has different characteristics as a region. Really immature
Catalonia might be small but it has about 20% of Spain's GDP, compare that to Scotland which has less than 8% of UKs GDP......
Euro Pump
Stocks smacked. Oil flogged.
EURO is going to collapse..
Quoting mrcreosote
Catalonia might be small but it has about 20% of Spain's GDP, compare that to Scotland which has less than 8% of UKs GDP......
Yea, exactly, 20%... because its part of Spain and the EU. Who do you think Catalonia does business with?

If it leaves, most companies will move to Spain and probably Spain/EU won`t rush to make trade deals aka Catalonia`s economy will go down... a lot.

Everyone of consequence knows this, i think most people also know this. If the UK is finding it hard to make new trade deals... Catalonia will find it impossible. It would go from a rich region within Spain to a very poor one outside it with most companies - and jobs - moving to Spain to be in the EU.

Even a true Catalonian patriot would see this and stop the independence... but as politicians, they are just milking it a bit before that...
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Somebody is preparing the sheep to be slaughtered on Sunday opening...until then pump up the Euro...
Quoting Kubiasty
EURO is going to collapse..
Thanks, I needed the laugh.
Quoting OnlineAddict
{quote} Thanks, I needed the laugh.
he he i would like to see your face after couple of years...
Quoting Kubiasty
{quote} he he i would like to see your face after couple of years...
Are you serious? Who the hell cares where euro is going to be in a few years?
Quoting alexandru987
{quote} Yea, exactly, 20%... because its part of Spain and the EU. Who do you think Catalonia does business with? If it leaves, most companies will move to Spain and probably Spain/EU won`t rush to make trade deals aka Catalonia`s economy will go down... a lot. Everyone of consequence knows this, i think most people also know this. If the UK is finding it hard to make new trade deals... Catalonia will find it impossible. It would go from a rich region within Spain to a very poor one outside it with most companies - and jobs - moving to Spain to...
More than 700 companies have already moved their HQ to more friendly regions (similar to what happened in Canada), more will follow. Even VW/SEAT is holding off a new production line - this company, btw. has been heavily subsidised by the central Government (read: all TAX PAYERS).
Quoting OnlineAddict
{quote} Are you serious? Who the hell cares where euro is going to be in a few years?
Kubiasty , needs to learn forex , traders can make money in a few minutes not years
Quoting Aussi
{quote} Kubiasty , needs to learn forex , traders can make money in a few minutes not years
Exactly...we can see the PA intraday, but nobody knows where euro will be next week or next month, let alone in a few years.
Quoting Guest
{quote} Revolution and drama for no reason my friend. Revolution's purpose is not to split in two one country because a part of it has different characteristics as a region. Really immature
You're wrong and you're not my friend
Europe is destroying the future for the young, look an unemployment rates, look at the debt that has been created, look at all the rich old fookers who own all the land and have the amazing pensions that the youth will never see...
Either join the revolution now or we shoot you, the choice is yours 'friend'......
Quoting Kubiasty
EURO is going to collapse..
Your brain has already collapsed <sigh>
I might be wrong, but it looks this way to me:

EURUSD is waiting for going up to around 1,27 or upper. To do this it needs a little bounce down to approx 1.13.
The independence statement of Catalonia and a panic fall to 1,13 can cause enough small Volume on buying EUR to enable a big move up.
Quoting Go5
{quote} More than 700 companies have already moved their HQ to more friendly regions (similar to what happened in Canada), more will follow. Even VW/SEAT is holding off a new production line - this company, btw. has been heavily subsidised by the central Government (read: all TAX PAYERS).
Little update: 800 companies have moved out of this conflict zone now and counting. Estimated costs of all this: over €13 billion...
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  • Story Stats
  • Posted: Oct 19, 2017 4:12am
  • Submitted by:
     Newsstand
    Category: High Impact Breaking News
    Comments: 23  /  Views: 7,353