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EURUSD Breaks $1.3000, BIS Steps In To Prevent Rout

Tyler Durden's picture





 

The EURUSD broke through 1.3000 to 1.2996 and the BIS (yes, that BIS) immediately stepped up its buying to prevent a full blown rout of the Euro, or so the rumor goes. Check to you, Viceroy of the West Indies Bernanke. We have the QE2 press release all, pardon the pun, queued up, for your approval.

 


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Tue, 05/04/2010 - 15:05 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

As posted for ZH:

First, the doelarr "strength" to continue tightening the trading range of Euro/USD.  The move to $1.30 will happen quick, in the next week or two.  DXY to trade roughly at 81.5.  Gold and silver will continue to make nominal highs against the Euro, as well as push back up to the nominal highs for the doelarr.  Then there will be a move down to $1.25 Euro USD with the DXY staying in the 81.5 range.  By late May, the pressure from the doelarr will have peaked, as the State budgets of America will once again be addressed. California, will legalizing pot combine with personal investment by Walled Street in Hollywood save your ship?

4.21.10

http://www.zerohedge.com/article/open-thread-reader-not-making-any-payme...

Tue, 05/04/2010 - 17:09 | Link to Comment jdrose1985
jdrose1985's picture

what's your reasoning for the takedown in the POG today and do you see such forced liquidations as likely to continue given the circumstances we have at hand?

Just looking for others points of view.

Tue, 05/04/2010 - 22:58 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Gold has not finished decoupling...yet.  It is on one of the last strings of sinew before the rope snaps.  They have this much more time, and they will use every moment to its fullest.  They must push gold down, or the blind might hear the song of the birds instead of the songs of sirens.  For example, these words are not often discussed:

http://www.google.com/#hl=en&source=hp&q=POG+takedown+economics&aq=f&aqi...

So they must push it down, their parlor game is not over.  Once the Euro is all put together again they will go after the doelarr.  The doelarr is the last move on the chessboard.

The liquidation is all mythical, as they are not really "selling" gold.  They are selling their positions.  More importantly, the banks are selling their positions.  They do not have the gold!  The gold that should be vaulted is being used for facials by Barney Frank.  In a few short years, the world will know this, Barney will not be getting gold facials, and the Bushes and Harrimans will have retreated to Abu Dabai.

I will add that I think they are actually trying to keep a lid on inflation at this point, and are welcoming bad news to keep prices down.  This has been my reasoning for a few weeks, so if this keeps going this bad, it could get out of hand.  Then my theory is out the window.  We will see.

Tue, 05/04/2010 - 15:10 | Link to Comment MsCreant
MsCreant's picture

Gosh, nothing about this on the BIS website!

Tue, 05/04/2010 - 15:18 | Link to Comment Mitchman
Mitchman's picture

:-)

Tue, 05/04/2010 - 15:10 | Link to Comment Hondo
Hondo's picture

Merkel is right they need an immediate plan for orderly insolvency because that's where is eventually going to end up.  Probably sooner rather than later.

Tue, 05/04/2010 - 15:34 | Link to Comment mikla
mikla's picture

+1

Tue, 05/04/2010 - 15:12 | Link to Comment williambanzai7
Tue, 05/04/2010 - 15:17 | Link to Comment casino capitalism
casino capitalism's picture

Where does the BIS get the money to intervene?  I thought they were just policy makers.

Tue, 05/04/2010 - 15:39 | Link to Comment Hansel
Hansel's picture

I'd like to know, too, where and how they get the money to "defend" the euro.

Tue, 05/04/2010 - 16:22 | Link to Comment Hansel
Hansel's picture

Partly answering the question... The BIS says they collect "placements from customers", but their only customers are central banks, so central banks give them money. They offer financial products to the central banks, fixed income investments. I don't know where they get the money to pay interest if they only get money from "customer placements". Sounds like another layer on top of the Ponzi to me.

Tue, 05/04/2010 - 16:29 | Link to Comment casino capitalism
casino capitalism's picture

I guess the central banks have strategically installed printing presses everywhere they can.  Maybe the day will come when you can go get some fantasy dollars from a 7-11.

Tue, 05/04/2010 - 16:40 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

They probably create "money" using ledger entries like other central banks, you know, the usual fraud.

Tue, 05/04/2010 - 17:03 | Link to Comment mikla
mikla's picture

Exactly.

The Basics:  Central banks debase their currency.  That's what they do.  That's the purpose of the Fed's printing, and the purpose of the ECB's audit failures since the establishment of the ECB (e.g., all member countries print more than they are allowed, and lie about their numbers, because the incentive to cheat is *too great*).

That's also the purpose of SDRs (Special Drawing Rights) and other currency baskets -- it's merely coordinate debasing among central banks.

That's also the purpose of the BIS -- to settle transactions, skimming from the central banks, and to use that "slosh fund" in support of the system -- which is one of debasing by the central banks.

The net effect is that central banks and the BIS have the capital (they merely print it and circulate it first among themselves), and ultimately that value percolates to the rest of the world (through world governments, and then world markets, including stock and bond markets).

The world financial system is ultimately managed through the BIS, whose board includes members from the world central banks.  That's the only place to reasonably discuss a single world currency, should one replace the dollar as the world reserve currency (e.g., with a basket of fiat currencies of some arbitrary unit).

The fact that we are now talking about BIS involvement means we've gone to the "root" -- this is where the buck stops.  All layers below the BIS have some level of accountability, while the BIS does not.  Thus, this must be a big problem (e.g., it's reasonable to talk about BIS involvement as the "end game").

Tue, 05/04/2010 - 15:17 | Link to Comment Mitchman
Mitchman's picture

Panic?

Tue, 05/04/2010 - 15:52 | Link to Comment kaiten
kaiten's picture

No. The New Normal.

Tue, 05/04/2010 - 16:00 | Link to Comment Mitchman
Mitchman's picture

:-)

Tue, 05/04/2010 - 15:20 | Link to Comment thewhigs
thewhigs's picture

Mr. Trichet, with respect, did you come from the "School of Bernankenomics"??

Tue, 05/04/2010 - 15:21 | Link to Comment Bonesetter Brown
Bonesetter Brown's picture

What's the big deal?

It's just a 1.5% move.

In a currency.

In a day.

Tue, 05/04/2010 - 15:31 | Link to Comment TylerJ
TylerJ's picture

What does "BIS" stand for again?  Obviously your refering to that scumbag Bernanke.  Just wanted to get my acronyms straight.

Tue, 05/04/2010 - 15:35 | Link to Comment Whizbang
Tue, 05/04/2010 - 15:35 | Link to Comment Pladizow
Pladizow's picture

Bank of International Settlements.

The bank of banks in Basel Switzerland.

Tue, 05/04/2010 - 18:46 | Link to Comment Mentaliusanything
Mentaliusanything's picture

You are referring to Basel Faulty Bank 

Coming Sibel - where is that Spanish git hiding ;)))))

Tue, 05/04/2010 - 15:36 | Link to Comment casino capitalism
casino capitalism's picture

I think he means Bank for International Settlements.  If so, I don't know where they get the money to intervene in such a huge market.  I thought they only did policy setting.

Tue, 05/04/2010 - 16:25 | Link to Comment Cleanclog
Cleanclog's picture

BIS also mentioned as possibly providing bridge loan to Greece in the event that all the EU member states that need to pledge their EU portions of the bailout to  Greece can't do so by May 19th.  Many have process that will likely take longer to ratify.  Still - I am unaware of BIS making such loans in past, even if bridge and short-term.

Tue, 05/04/2010 - 15:31 | Link to Comment J.Caesar
J.Caesar's picture

gold and silver down a chunk.  the conspiracy is posponed for another week or so (sort of in time with the south will rise again)

Tue, 05/04/2010 - 15:39 | Link to Comment Rogerwilco
Rogerwilco's picture

Kerchunk -- the elevator is on its way down, with all commodities onboard. Margin calls are not condusive to orderly selling.

Tue, 05/04/2010 - 15:59 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

No margin call on gold, it's down less than 1%. Probably because it's not a commodity.

Tue, 05/04/2010 - 16:22 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

No margin call on gold, it's down less than 1%. Probably because it's not a commodity.

 

Say what ?

It is very much commoditized and utilized in industrial production but it is perceived mostly as store of wealth and not a commodity. Read more here: http://geology.com/minerals/gold/uses-of-gold.shtml

Tue, 05/04/2010 - 16:26 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

And I can put diamonds in my teeth. Just because you can misuse something doesn't change what it is. Gold is in the process of demonitizing/decommodifying. De-everything except what it will be.

Tue, 05/04/2010 - 16:58 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

ITG; wrong wrong and wrong. As long as there is  demand for medical services, medical devices, electronic, conductors,  as long as people use glass, as long as there is a desire to indulge in luxury goods, as long as there are airplanes flying trough the air, as long gold will never, and i can not put enough emphasis on NEVER, enter a cycle of demonetization/decommodification. NEVER. And when everything crashes, and all demand vanishes gold will still be used as exchange mechanism, but it will not be as relevant as the good old fashion barter system will. You should really read something about gold and not just recycle your preconceived beliefs and dogmas when it comes to that metal. 

Tue, 05/04/2010 - 17:17 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

Thanks for the (incorrect) lecture. Barter isn't the future, there will always be a transactional currency. Always. But if you need any tips for your summer reading list, just let me know.

Tue, 05/04/2010 - 17:32 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

No,thank you.

I dont really like Warren Buffett, Napoleon Hill, Jack Welch type of books. 

Tue, 05/04/2010 - 20:46 | Link to Comment Unscarred
Unscarred's picture

No, thank YOU Cheeky, for speaking out against the prevailing dogma and adding badly needed perspective to a conversational topic that has gone too far in the wrong direction.

Tue, 05/04/2010 - 17:40 | Link to Comment Alienated Serf
Alienated Serf's picture

i like shiny metal.  i bought a nice 5oz silver bar to celebrate a big down day for the market.  if i keep this strategy up, i expect to have a few kg soon.

Tue, 05/04/2010 - 15:35 | Link to Comment kaiten
kaiten's picture

Shares of eurozone exporters will skyrocket if euro goes down to parity with dollar.

Tue, 05/04/2010 - 15:51 | Link to Comment carbonmutant
carbonmutant's picture

 I'll believe it when I see the price of Reggiano Parmigiano dropping at Whole Foods.

Tue, 05/04/2010 - 18:34 | Link to Comment Manbarepig
Manbarepig's picture

It'd be nice to have the Locatelli Romano not cost me more than everything else in the dish combined...

Tue, 05/04/2010 - 18:48 | Link to Comment carbonmutant
carbonmutant's picture

+10

Tue, 05/04/2010 - 19:15 | Link to Comment dnarby
dnarby's picture

Heh...

That's *imported*.

...Think about it.

Tue, 05/04/2010 - 15:38 | Link to Comment GFORCE
GFORCE's picture

The rally will be back by week end and run to August.

Tue, 05/04/2010 - 15:56 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Yeah, DOW 36000 - Here. We. Come.

Tue, 05/04/2010 - 19:45 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

After Europe goes all in on their currentsea?  You speak in nominal terms then.  Good luck trading!

Tue, 05/04/2010 - 15:54 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Are you sure it's the BIS, not the ECB? It has to be pretty serious for the Mother Central Bank a.k.a. the BIS to intervene.

Tue, 05/04/2010 - 16:00 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

If BIS is playing, the end is nigh. Per FOFOA, they have the nuclear option to rescue the euro.

Tue, 05/04/2010 - 16:07 | Link to Comment MsCreant
MsCreant's picture

Wasn't that to let the price of gold loose and then pay off debt with Greek gold? {salivating}

Tue, 05/04/2010 - 16:26 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Why did you change your pic MsCreant? I kinda liked the one before.

Tue, 05/04/2010 - 16:41 | Link to Comment seventree
seventree's picture

I don't want to speak for our Ms, but it may reflect general state of mind.

Possible subtitle: "Sow the wind, reap the whirlwind."

Tue, 05/04/2010 - 17:42 | Link to Comment MsCreant
MsCreant's picture

Gordon,

I liked it too and I may bring it back. I do feel like we have turned a corner and this is what is in store...

Here is what I would have as an avatar if I could, but it just does not come across, small, very well:

http://wallpapers.net/view/fantasy_girl___big_gun-1280x800.html

I like her philosophy of life there...

Meanwhile, all of us are running from something we can't outrun, and from a distance, it is kind of funny. No where to run to, ba-beh, no where to hide...

Tue, 05/04/2010 - 18:09 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

That's one hot chic (as I'm sure you are)!

Well, I can feel that "something" coming too...we're pinned down on the highway as the steamroller approaches.

Tue, 05/04/2010 - 18:21 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Slightly O/T here Gordon, but on the gold thread earlier today I invited Chumbawamba for drinks when gold reaches $50k.

As the gentleman he is, he is in! 

Hulk wanted in at $1500, I told him ONE drink only because I want to get REALLY REALLY RICH first.

Tue, 05/04/2010 - 19:22 | Link to Comment Hulk
Hulk's picture

You a shaker DCRB?

Tue, 05/04/2010 - 15:54 | Link to Comment aaronvelasquez
aaronvelasquez's picture

This movie is sure slow.

Tue, 05/04/2010 - 15:58 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Not surprising considering Eurocrats are involved, who probably need 20 approvals and 15 meetings just to go to the shitter.

Tue, 05/04/2010 - 16:44 | Link to Comment seventree
seventree's picture

That could happen with or without approval.

Tue, 05/04/2010 - 15:56 | Link to Comment Hephasteus
Hephasteus's picture

1.32 euro in the morning. 1.30 euro at lunch.

What's for dinner?

Tue, 05/04/2010 - 16:22 | Link to Comment chet
chet's picture

Portugal

Wed, 05/05/2010 - 02:51 | Link to Comment Moonrajah
Moonrajah's picture

As the main course or just an appetizer?

Tue, 05/04/2010 - 16:03 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Greece, Spain and Portugal contagion. . . then it jumps to the U.K. Will it cross the Atlantic?

Tue, 05/04/2010 - 18:22 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

My guess is a big yes to that.

Tue, 05/04/2010 - 19:48 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Hell yes!  It will be, "Spotfire beyond the line!!!!"

Tue, 05/04/2010 - 16:11 | Link to Comment emsolý
emsolý's picture

What about the EURCHF? It was essentially non-moving/pegged at 1.4326 all day today. Any chance it was the SNB rather than BIS doing all the intervening?

Tue, 05/04/2010 - 16:10 | Link to Comment Double down
Double down's picture

And so ends the covert USD takeover of the planet.  Let the full blown dollarization begin.  First prize to the country that converts first.  Peggers do not count. 

In the imortal worlds of Clark Griswald.

"Hallelujah! Holy shit! Where's the Tylenol?"

Tue, 05/04/2010 - 16:11 | Link to Comment if
if's picture

Who needs the BIS when you have that other Swiss based bank the SNB which has been über active.  I wonder how many billions of Eurors they accumulated today ?

Tue, 05/04/2010 - 16:19 | Link to Comment Plainview
Plainview's picture

Yep, everyone should check out the EUR/CHF 4hr chart...... I suspect 1.4320 may be their "though shalt not cross" line!

Tue, 05/04/2010 - 16:32 | Link to Comment if
if's picture

Yeah, they've got it pegged on a razor at 1.4325.  Come on guys at least give us the illusion of a market.  Must be nice to have a wallet that'll choke a hippo.

Tue, 05/04/2010 - 16:12 | Link to Comment bruce wayne
bruce wayne's picture

"This landing is going to get pretty interesting."
"Define "interesting"."
"Oh God, oh God, were all going to die?"

Tue, 05/04/2010 - 16:13 | Link to Comment carbonmutant
carbonmutant's picture

Jamie Coleman at ForexLive is reporting that Bank for International Settlements is on the bid at 1.3085

http://www.forexlive.com/103936/all/bis-on-the-bid-at-1-3085

 

Tue, 05/04/2010 - 16:29 | Link to Comment Hephasteus
Hephasteus's picture

I'll have to come out with a new rap album to soak up all dem euro's dey be gobbling up.

Straight outta pig cash.

Tue, 05/04/2010 - 17:54 | Link to Comment Alienated Serf
Alienated Serf's picture

+1 for CB4 reference.

Tue, 05/04/2010 - 16:16 | Link to Comment BlackBeard
BlackBeard's picture

Booya...1.29880 print, break is official.  Cha-ching!

Tue, 05/04/2010 - 16:18 | Link to Comment Bruce Krasting
Bruce Krasting's picture

Will stick my neck out. The BIS is NOT intervening on behalf of the EU Central Bank.

We are not far away from intervention. A few days at the current rate of change. When/if it happens you will know about it. It will be coordinated with US Fed. It will be very "noisy", FX Vix will go ballistic and the Euro will rally. Two days later it will fall to new lows.

 

 

Tue, 05/04/2010 - 16:18 | Link to Comment doolittlegeorge
doolittlegeorge's picture

First off you and I live in the world of "interest rates" and not the world of "currency trading."  To translate CNBC speak "Euro 1.30=18% for Spain."  Maybe a little "rough around the edges" on my math--but go to Spain and wade through the pitch forks--I think you'll get it then.  Did I forget to say "I love ZH"?

Tue, 05/04/2010 - 16:21 | Link to Comment Pedro
Pedro's picture

For us novice/intermediate investors, are we going to lose are put options (like we did last fall) again due to QE2?  I want to pull the options if there will be QE2.  How do we know if they implement it?  Do they post it or is it secretive to the govt and the primary dealers?

Tue, 05/04/2010 - 21:49 | Link to Comment lizzy36
lizzy36's picture

When Trichet (head of the ECB) announces they are going to buy government bonds. 

QE2 starts. 

ECB meeting is Thursday. 

Tue, 05/04/2010 - 16:21 | Link to Comment godfader
godfader's picture

Where are the "US DOLLAR IS GOING TO ZERO" folks who were so vocal just 3-4 months ago?

R.I.P. Dollar bears.

Tue, 05/04/2010 - 16:43 | Link to Comment AnAnonymous
AnAnonymous's picture

Dont twist the knife too hard. They are still out there, thinking the USD is next on line (after the Yen gets toasted maybe)

Tue, 05/04/2010 - 16:45 | Link to Comment Brak82
Brak82's picture

everything is going to zero after the euro crashed

Tue, 05/04/2010 - 17:25 | Link to Comment Freebird
Freebird's picture

softly, softly, catchy monkey...

 

Tue, 05/04/2010 - 17:29 | Link to Comment Dr. Acula
Dr. Acula's picture

So, which color of toilet paper are you recommending? 

Wed, 05/05/2010 - 01:03 | Link to Comment Burnbright
Burnbright's picture

Nice

Tue, 05/04/2010 - 16:28 | Link to Comment zerosum
zerosum's picture

Germany wants a lower Euro as part of this package of swine effluent. They are getting it, even quicker than I imagined they would.

Tue, 05/04/2010 - 16:55 | Link to Comment Double down
Double down's picture

If they are not carefull it will soon be on par with the Drachma.

Tue, 05/04/2010 - 16:48 | Link to Comment Mark of Zerro
Mark of Zerro's picture

Euro is continuing to tumble down the hill at 13:45 PDT.  1.29810.  Wow! 

 

Tue, 05/04/2010 - 17:06 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Tue, 05/04/2010 - 17:48 | Link to Comment seventree
seventree's picture

Oh, Montserrat. I thought at first it was a WV coal mine.

Wed, 05/05/2010 - 09:07 | Link to Comment Hephasteus
Hephasteus's picture

Oh is it ash wednesday already.

Tue, 05/04/2010 - 17:26 | Link to Comment jkruffin
jkruffin's picture

LOL, the IMF portion of the bailout to Greece has already gone from $30 Billion euros to $45 Billion Euros and they haven't even addressed the debt yet.  ROFLMAO  

The US portion has gone from $10 Billion to $18 Billion

As we speak,  and the Euro is still crashing..... This could end up a $1 Trillion bailout from what began at $150 Billion before they can even get to pay any of the debt.  ROFLMAO

We got some geniuses in our banking system don't we????  LOL

Tue, 05/04/2010 - 17:33 | Link to Comment Dr. Acula
Dr. Acula's picture

When will article 1 section 10 of the Constitution be enforced?

"No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts"

Why do all judges treat the Constitution like a nut rag?

 

Tue, 05/04/2010 - 17:58 | Link to Comment Alienated Serf
Alienated Serf's picture

Doc, no STATE shall make anything but au/ag.  doesn't say anything about the federal government doing so.

Wed, 05/05/2010 - 01:05 | Link to Comment Burnbright
Burnbright's picture

Article 10 baby. Yes it does.

Wed, 05/05/2010 - 01:28 | Link to Comment Alienated Serf
Alienated Serf's picture
Section 10.

No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

Section 8.

The Congress shall have power to To coin money, regulate the value thereof.

The point of this is that only Silver and Gold may be used by states to pay debts; they can not print paper money or denominate coinage.  this was done in response to the various currencies which proliferated under the Articles of Confederation.  Under the constitution, the federal government is responsible for creaton of currency.

Silver and Gold is wealth which the states can put into coin form denominated by weight, but not currency the value of which can only be set by the Congress.

Wed, 05/05/2010 - 14:07 | Link to Comment jp
jp's picture

Hence, the United States of America. As in, United we Stand.

Tue, 05/04/2010 - 20:25 | Link to Comment Buck Johnson
Buck Johnson's picture

All the countries in the western banking world are looking at each other and at the door trying to see if they can make it out of this mess before the others can.  Hold the line, Okay we will but what will we do next; I don't know just hold the line.  And that is what the US and the UK bankers are wanting the rest of the West and parts of Asia to do, because of this:

"If you tell a lie big enough and keep repeating it,
people will eventually come to believe it. The
lie can be maintained only for such time as the
State can shield the people from the political,
economic and/or military consequences of the
lie. It thus becomes vitally important for the
State to use all of its powers to repress dissent,
for the truth is the mortal enemy of the lie,
and thus by extension, the truth is the
greatest enemy of the State."

Joseph Goebbels

 

We have kept our own people in the dark and blind to the real world to the point that we can't tell them the truth, the truth that their leaders made their country insolvent.  Their leaders have allowed them to become ignorant, etc. etc..

Tue, 05/04/2010 - 21:00 | Link to Comment merehuman
merehuman's picture

maybe its because we went bankrupt in 1933? And are still in receivership to this day! At least thats my understanding of it so far.

Tue, 05/04/2010 - 21:22 | Link to Comment Eagle
Eagle's picture

Your's truly just covered at 1.2943 so somewhat at the BIS is GETTING FIRED!

Wed, 05/05/2010 - 09:09 | Link to Comment Hephasteus
Hephasteus's picture

Eagles know when it's a good time to get out of a 200 plus mph dive bomb.

Tue, 05/04/2010 - 22:21 | Link to Comment Hunch Trader
Hunch Trader's picture

Economic parity is around 1.11 so no reason to bid. EUR is a buy at 0.55.

Tue, 05/04/2010 - 22:51 | Link to Comment dcb
dcb's picture

it was kind of clear by market action that the big boys were screwing in the currency markets before. and on fxe we just hit my target entry point of 129.79

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