Friday saw a continuation of the EURO RALLY as the most despised currency was the subject of massive short covering. For months many analysts have been opining that the EURO was heads to PAR with the DOLLAR. The trade looked promising as 2011 came to a close but in 2012 the EURO has rallied against the DOLLAR. Until last week, the EURO had weakened on many of the CROSSES but even those began to significantly correct as the EURO rally against the DOLLAR continued. The action on Friday saw the EURO rally against all currencies except the SWISS FRANC as that cross hovers near the SNB‘s line in the sand level of 120 EUR/CHF. Late in New York, the EUR/CHF closed at 120.48 so the Swiss National Bank has to be concerned that traders are going to challenge the veracity of the SNB’S SWISS FRANC POLICY.
Posts Tagged ‘3-year LTRO’
Notes From Underground: Greece Becomes A Trust Fund Nation
February 21, 2012The discussion is over–ha, ha, ha–and another 3 a.m. decision is made. The Greeks will get their funding and the banks are off the hook for another short period of time. There are so many stipulations involved that it will take time to understand what really took place in the wee hours of another EUROPEAN meeting. It seems certain thought the Greeks will deposit money in escrow to assure all the “DONATING” parties that the CITIZENS OF GREECE WILL ADHERE TO THE FISCAL AUSTERITY TO WHICH THE GREEK TECHNOCRATS AND POLITICIANS HAVE AGREED. THIS IS SIMILAR TO A YOUNG ADULT HAVING TO AGREE TO CERTAIN STIPULATIONS IN ORDER TO RECEIVE THEIR TRUST FUND CHECK, or what is known as a TRUSTAFARIAN.
Notes From Underground: An OPEN LETTER To BOJ Governor Shirakawa, Finance Minister Azumi
January 18, 2012Today, IMF MANAGING DIRECTOR CHRISTINE LAGARDE announced that she would try to raise more capital to shore up the IMF‘s balance sheet as to be able to aid the peripheral nations of the European Union. Ms. Lagarde was going to approach the members of the G-20 to provide additional funds to prevent a further assault on the European sovereign debt by securing funds to support the troubled sovereigns. The IMF director will be depending on the BRICS and Japan to increase their contributions so as the IMF may actually be able to help GREECE and PORTUGAL meet immediate funding needs and let the ECB and EFSF do the heavy lifting for Spain and Italy. (At this time, the U.S. said they will not be contributing.)