Archive - Nov 7, 2013 - Story

Moments ago the Czech Republic officially entered the global currency wars with the first currency intervention in 11 Years

CZECH CENTRAL BANK APPROVES KORUNA INTERVENTION; CZECH CENTRAL BANK SAID TO BUY EUROS IN MARKET
KORUNA WEAKENS 3.2% VS EUR AS CENTRAL BANK OKS INTERVENTION

This has led to the biggest Koruna drop in 4 years. Whoever was long the EURCZK, take the rest of the day off:

When it comes to US equities today, the picture below summarizes it all... the only question is whether the NYSE breaks to celebrate the year's overhyped social media IPO.Aside from the non-event that is the going public of a company that will likely not generate profits for years, if ever, the overnight market has been quiet with all major stock indices in Asia trading modestly lower on the back of a modestly stronger dollar, although the main currency to watch will be the Euro (German Industrial production of -0.9% today was a miss of 0.0% expectations and down from 1.6% previously), when the ECB releases its monthly statement at 7:45 am Eastern when it is largely expected to do nothing but may hint at more easing in the future. On the US docket we have the weekly initial claims (expected at 335k) which now that they are again in a rising phase, have been the latest data item to be ignored in the Bizarro market, as well as the latest Q3 GDP estimate, pegged by consensus at 2.0%.