EU Comment:
Remember last week the scuttlebutt was that the european banks were buying euros due to dangerous margin levels. They needed to bring euros into their margin accounts to rectify. The scuttlebutt was they were first torpedoing EU to give them more favorable rates to sell their dollars and buy the needed euros. "Stomping on the bid" was what the reporter called it.
Anyway, Friday EU was torpedoed again, and left low, maybe so banks could resume buying euros cheap today. Maybe this is what is now happening.
Remember last week the scuttlebutt was that the european banks were buying euros due to dangerous margin levels. They needed to bring euros into their margin accounts to rectify. The scuttlebutt was they were first torpedoing EU to give them more favorable rates to sell their dollars and buy the needed euros. "Stomping on the bid" was what the reporter called it.
Anyway, Friday EU was torpedoed again, and left low, maybe so banks could resume buying euros cheap today. Maybe this is what is now happening.