Just a heads up, the ECB failed to desentisise Bond purchases fully for the first time since June, in effect the ECB is adding cash to the money supply (something the FED does constantly) for the first time in 6 months.
There is no uptake from anyone to drain the cash out of the system, bids failed miserably. The ECB in effect added 13Bn in cash today to the supply side.
There is another round early in Jan, if it fails again we are looking at sub 1.18 in Jan, and parity shortly thereafter.
Enjoy
Europe is in deep doodah, and you guys need to keep a very close eye on ECB auctions in Jan. At this rate the ECB is adding cash to the supply side faster then anyone could have fathomed. Who cares about the FED, they could print trillions and the dollar won't budge when the ECB screws it up so majorly. 2-3 failures on the supply side will have disastrous effects and would take months to rectify.
There is no uptake from anyone to drain the cash out of the system, bids failed miserably. The ECB in effect added 13Bn in cash today to the supply side.
There is another round early in Jan, if it fails again we are looking at sub 1.18 in Jan, and parity shortly thereafter.
Enjoy
Europe is in deep doodah, and you guys need to keep a very close eye on ECB auctions in Jan. At this rate the ECB is adding cash to the supply side faster then anyone could have fathomed. Who cares about the FED, they could print trillions and the dollar won't budge when the ECB screws it up so majorly. 2-3 failures on the supply side will have disastrous effects and would take months to rectify.