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Euro Plunges On Dovish Trichet Comments, Says ECB Has Credibility Because Hiked First (What Does That Leave For The Chairsatan?)

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Thu, 05/05/2011 - 08:48 | 1242586 ZeroPower
ZeroPower's picture

Net result is pain for the spec EUR longs. Plenty of those (lets say, mostly retail sheep?) ready to cave-in and start the eventual decline?

Thu, 05/05/2011 - 08:54 | 1242637 cswjr
cswjr's picture

Anyone long EUR/JPY has got to be in the Pit of Despair about now.  Ouch.

Thu, 05/05/2011 - 09:33 | 1242825 eurusdog
eurusdog's picture

Actually Dukascopy and FXCM retail positioning showed retail EURUSD net short, for well over 4 weeks now. Retail got scewed over the last 4 weeks and will flip long on this weakness, just intime to get screwed by the fall.

Thu, 05/05/2011 - 08:49 | 1242588 Xibalba
Xibalba's picture

anything to force a dxy rally

Thu, 05/05/2011 - 09:24 | 1242788 SheepDog-One
SheepDog-One's picture

Force a DXY 'rally' so stocks go down? Seems theyre running out of moles to whack.

Thu, 05/05/2011 - 09:34 | 1242840 e_goldstein
e_goldstein's picture

If Eurodisney hikes rates, shouldn't that be bearish for the UDX? Oh wait, I forgot, we became bizarro world a long time ago.

That leads me to another question. If superman gave up his US citizenship, does that mean that bizarro superman is now working for the feds?

Thu, 05/05/2011 - 08:46 | 1242592 FOC 1183
FOC 1183's picture

in the meantime, when should we expect the boj?

Thu, 05/05/2011 - 08:51 | 1242625 tellsometruth
tellsometruth's picture

that was hilarious to watch on netdania

Thu, 05/05/2011 - 09:01 | 1242671 kaiten
kaiten's picture

Funny that EURUSD moves more forcefully on Trichet´s than Bernanke´s comments.

Thu, 05/05/2011 - 09:06 | 1242694 Bazooka
Bazooka's picture

I believe the USD is commencing is bull run...the upside could be huge.

I say this because i'm a deflationist, not a believer of gold or silver as safe havens (their are a pair of equities)...look they rise and fall with equity markets.

Once deflation rapes every economist projections, puts every wanta be hyperinflationist to quietly step back into darkness and silence lest others blame them.....the USD will post record gains. This will not happen right away, but once social mood sours again, we will be in a primary Wave 3 up move for USD.

Disclosure: Long VXX, FAZ, UUP and S&P Puts

Thu, 05/05/2011 - 09:08 | 1242720 kaiten
kaiten's picture

If you are deflationist, here´s something for you:


Thu, 05/05/2011 - 09:14 | 1242751 falak pema
falak pema's picture

Battle of Bull Run! ....at Little Big Horn !...

Thu, 05/05/2011 - 09:06 | 1242696 Cassandra Syndrome
Cassandra Syndrome's picture

Credit to ZH, he predicted that there would be no more ECB rate hikes after the initial 0.25%.

Its checkmate for the central bankers.


Thu, 05/05/2011 - 09:10 | 1242730 writingsonthewall
writingsonthewall's picture

Ah well - at least they tried.


UK and USA haven't even bothered - so back to another year of record low interest rates then.


I wonder when the net savers (pensioners) will start blockading the banks?...or worse...start spending like there is no tomorrow driving inflation through the roof.

Thu, 05/05/2011 - 09:06 | 1242710 Racer
Racer's picture

"Inflation expectations must remain firmly anchored"

Oh yeah? And the people see prices soaring in all the things they need to live?

Ah but they can eat iPads instead eh?

Thu, 05/05/2011 - 09:15 | 1242756 Bold Eagle
Bold Eagle's picture

Inflation, HALT!

Thu, 05/05/2011 - 09:09 | 1242728 Racer
Racer's picture

Central *ankers around the world... big FAIL

Thu, 05/05/2011 - 09:15 | 1242729 falak pema
falak pema's picture

Lol, now there is a true central banker. Every time he opens his mouth the Euro drops. On schedule, as the feeling now is its made Euro-zone too uncompetitive. Et voilà!

Thu, 05/05/2011 - 09:29 | 1242807 topcallingtroll
topcallingtroll's picture

He wants the euro to drop.

Thu, 05/05/2011 - 09:26 | 1242808 brian0918
brian0918's picture

USD just went vertical to 73.50

Thu, 05/05/2011 - 09:38 | 1242849 topcallingtroll
topcallingtroll's picture

Only idiots short at the bottom resistance or support.

I fail to see the distinction between support and resistnce since mathematically they are the same thing with opposite signs.

Either stay neutral or go long at bottom channel resistance/support levels. Wait for sustained break lower.

You short or go neutral at tops only, otherwise you are part of the herd.

I am feeling awfully trollish today!

Thu, 05/05/2011 - 09:29 | 1242815 topcallingtroll
topcallingtroll's picture

Trichets comments about the fed are the typical comments of a small man.

After all, the whole euro project was born from dollar envy.

Thu, 05/05/2011 - 09:32 | 1242836 eurusdog
eurusdog's picture

Maybe by year end they will take back that .25%

Thu, 05/05/2011 - 09:32 | 1242837 nantucket
nantucket's picture

what kills me is that the Bernank claimed that raising/supporting equity markets was a goal of QE because it repairs consumer wealth/balance sheet/confidence and that will lead to more spending and that will lead to growth....so the theory is that the paper value of stocks rise and induce people to want to spend,  so people sell shares to spend the money, but if enough people sell then that lowers stocks prices and we're back to square one...so,...what am I missing?  Central banker theory at its best.  Too funny. 

Thu, 05/05/2011 - 09:43 | 1242873 Temporalist
Temporalist's picture

Bank of England keeping rates at .05% due to lack of recovery

May 5 (Bloomberg) -- Bank of England Governor Mervyn King has gained more ammunition in his battle to keep interest rates at a record low after reports suggested the economy isn’t yet strong enough for a withdrawal of emergency stimulus.


Thu, 05/05/2011 - 09:53 | 1242926 writingsonthewall
writingsonthewall's picture

This is known as "rabbit caught in the headlights" - central banks are running out of ideas - well actually running out of 'idea' because they only ever had one.


Print, print and print some more...inflate away your debts before anyone notices.

Thu, 05/05/2011 - 10:31 | 1243099 Bubbles the cat (not verified)
Bubbles the cat's picture

I can see a future for central bankers. How about a new comic soap? Call it "The Monetary Policy Committee" or "Search me: I dunno where your moneys gone". Along the lines of something like "The Office" or "Extras". A series of kinda loosely connected skits.

Thu, 05/05/2011 - 11:45 | 1243498 glenlloyd
glenlloyd's picture

I can't read it all, there's so much denial in there it makes me throw up a little.

These clowns just keep marching on down the same rope bridge even as the rotting planks are falling away beneath their feet.

Thu, 05/05/2011 - 11:58 | 1243582 ivana
ivana's picture

1. Greek Restructuring is not in the cards.
2. We share the view that Irish bailout is Credible.The level of commitment by Eurosystem to Ireland has no precedent.

There's no f... way they can get out of it without serious "restructuring". And even after "restructuring" , things will not get better in their economies ... because of corrupt noncompetent governments

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