Archive - Mar 12, 2015 - Story

• As reported here first: The U.S. Has Too Much Oil and Nowhere to Put It (BBG)
• Dollar Drops From 12-Year High as S&P Futures, Bonds Gain (BBG); Dollar Bulls Retreat From 12-Year High to Euro With Fed in View (BBG)
• Clinton Private Email Plan Drew Concerns Early On (WSJ)
• ECB Bond Buying Not Needed With Economy Improving, Weidmann Says (BBG)
• China Feb new yuan loans well above forecast (Reuters)
• U.S. probing report Secret Service agents drove car into White House barrier (Reuters)
• Kerry tells Republicans: you cannot modify Iran-U.S. nuclear deal (Reuters)
• PBOC Pledges to Press on With Rate Liberalization Amid Slowdown (BBG)
• China Prepares Mergers for Big State-Owned Enterprises (WSJ)

The global currency wars are getting ever more violent, following yesterday's unexpected entry of Thailand and South Korea, whose central banks were #23 and #24 to ease monetary conditions in 2015, confirming the threat of a global USD margin call is clear and present (see "The Global Dollar Funding Shortage Is Back With A Vengeance And "This Time It's Different"). But the one currency everyone continues to watch is the Euro, which the closer it gets to parity with the USD, the more volatile it becomes, and moments after touching a 1.04-handle coupled with the DXY rising above 100 for the first time in 12 years, the EURUSD saw a huge short squeeze which sent it nearly 150 pips higher to 1.0643, before the selling resumed.