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Carry Troubles Resume As EURJPY Slides
After some marked uncertainty in FX for most of the morning, the carry unwind trade has resumed once again: the EURJPY is preparing to take out 110 support, even as stocks continue to push to the upside, however with increasingly lower conviction. The Aussie is also seeing some renewed weakness: after news surfaced about the government's backtracking on new tax lead to a push in the AUD, the temporary bullishness in the currency has evaporated. Should carry unwind continue, look for a dramatic reversal in the ES, which was on the verge of taking out 1,090 earlier.
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FuturesTrader71 tweeted: MARKET CHATTER OF POSSIBLE SPANISH DOWNGRADE
Anyone else hearing that?
Oh NOEZ! a "Spanish Downgrade"!!
Is that like a Harrisburg IOU?
Im looking at the 5y CDS [Spain].
Nothing that would indicate that. But Italy is another story.
Also, no Spanish banks in the top 5 W, but Italian insurance co. is leading the pack.
Also; there is this.
http://www.cmavision.com/assets/img/template/background/flag-eu.gif); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; font: normal normal normal 12px/normal Helvetica, Arial, sans-serif; line-height: 18px; font-weight: bold; color: rgb(44, 55, 59); background-position: 0px 12px; background-repeat: no-repeat no-repeat; ">Europe Entity Name 5 Yr Mid Change bps Change % Banco Santander, S.A. 204.84 -10.53 -4.89 Credit Agricole SA 179.97 -15.21 -7.79 Deutsche Bank AG 170.86 -8.38 -4.68 ING Bank NV 120.98 -5.99 -4.72 UniCredit SpA 175.68 -6.22 -3.42
cheeky, you've inspired me over the last (almost) year to really put my face in the books to learn more about OTC derivatives. I just have to ask, what do you do for a living?
Cheeky is the best. Please feed us more stuff.
Gawed I love ZH!
(I do not talk about it though)
Retired now. Mostly reading and ZHing my days away. One could say nothing constructive.
Banco Santander. Rock solid. Diversified in Latin America, Germany, U.K. and elsewhere. Conservative bank. No trouble with CDO toxic waste. Chairman is old school banker. By the way : long EUR / JPY. Japanese finance minister is complaining about strong JPY....
Ditto.
Plus it has never funded junk RE projects along Costa Brava and Costa del Sol or on Mallorca or Ibiza. And their UK subsidiary Abbey is doing much better than other English banks.
More scam proposals from the SEC:
SEC proposing uniform 'audit trail' for orders SEC moves toward requiring uniform 'audit trail' to dissect securities trading, disruptionsisn't this the job of the freaking DTCC?? Who has absolutely no clue who owns what or when. The DTCC can't even keep up with Reg Sho, no wonder the SEC wants an audit trail, but they already have one that is worthless. What good is another going to do?
"SEC moves toward requiring uniform 'audit trail' to dissect securities rally disruptions."
fixed
Dollar up, Euro weaker, LIBOR up again, failed German auction, Spainish rates going higher.
Sounds like buy buy buy US equities time to me....er...yeah
Someone keeps sticking their fingers in the EURUSD dike when they see 1.21XXX. How long can that keep up? I'm betting we see mid May '09 levels (911) on the ES before we see 1200 again. Volatility is great if you can avoid motion sickness.
yes i have seen that too...the moment it enter 1.21XXX....its back again to 1.22XXX...it hardly stays there for 10 seconds
whats ES??...is it Equity sector
S&P 500 E-Mini Futures
Symbol for the mini S&P futures contract. It varies slightly from cash value of SPX. Here's a live quote:
http://quotes.ino.com/chart/?s=CME_ES.M10.E
OT:
Another good one from the Onion…. Funny...
“… White House Jester Beheaded For Making Fun Of Soaring National Debt
MAY 25, 2010 | ISSUE 46•21….”
“….Tensions rose when a happily beaming Obama demanded to be riddled. After a string of well-received topical posers, Motley asked the following:
A pocket-hole that grew so large,
A giant couldn’t eat it.
A cache of gold that never was,
But nonetheless depleted.
When the President confessed to being stumped, Motley revealed the answer to be “the National Debt, of course.”
Witnesses said Obama’s mood immediately darkened and, pounding on the arm of the Presidential Throne, he demanded new jesting. After nervously clearing his throat, Motley was heard to ask, “Wherefore is the National Debt like a sprouting leaf of spinach?” When a glowering Obama demanded the answer, Motley stated, “For it shall rapidly grow into something our children cannot bear.” …..”
Best regards,
Econolicious
Here’s the link……
http://www.theonion.com/articles/white-house-jester-beheaded-for-making-fun-of-soar,17495/
“…. At this, Obama reportedly dropped the large turkey leg in his hand ….”
Eco
I'm not really sure if the stock market is an indicator of ANYTHING at this point. To me, right now it's just a signboard displaying numbers punched in by Bernanke & Co.
Here, aside from my selling the pound, what's keeping it up? any guesses..
I'd say by tomorrow at this time $/Eur will be under 1.2150 on its way to 1.18
The fun continues.
You sure? I already lsot plenty on Eur/usd. Last time freaking SNB got invloved and 200 pips in a matter of minutes.
EUR/GBP is consolidating losses to a two-week low of 0.8472 as the market digests a rumour that a downgrade of Spain”s sovereign credit rating might be in the pipeline.
With you, these things can be slowed down, but not halted.
Man, someone is in a pitched battle to make sure that the floor doesn't fall out below 1.22. It's pretty fun to watch it keep bouncing there.
When Europe closes the gravity is turned off and it stops bouncing. Sort of just floats up until the Nips wake up.
There's something I don't understand. After all that CB intervention, after all the FED's swap lines and all the other song and dance, were back at 1.2222. Now what?
again, 1.18 here we come
1.219 at 14:53 EST
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