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EURUSD Plummets, Recovers, Drops Again On News PASOK Deputy Votes Against Austerity

Submitted by Tyler Durden on 06/29/2011 08:46 -0400

The EURUSD just plunged after an announcement that the Greek ruling party deputy has just voted against the austerity package. 100 pip kneejerk reaction. Imagine what will happen when the house of cards finally collapses.

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Wed, 06/29/2011 - 08:52 | 1411279 scratch_and_sniff

WHO BOUGHT THE DIP? LOL

Wed, 06/29/2011 - 08:58 | 1411296 GetZeeGold

BTFD!!!

Wed, 06/29/2011 - 09:00 | 1411316 Long-John-Silver

Too late! Government controlled robots using 1's and 0's have manipulated it back up and will keep it there.

Wed, 06/29/2011 - 09:00 | 1411284 etrader

Just Coincidence ....definitely no headline HFT algos in FX ;-))

Don't forget the USD swap lines have been extended until Aug 2012.

Wed, 06/29/2011 - 08:53 | 1411287 slaughterer

Funny thing, EUR/USD will plunge even if they vote YES.

Wed, 06/29/2011 - 08:57 | 1411305 topcallingtroll

True!

Wed, 06/29/2011 - 08:58 | 1411309 huggy_in_london

it should. its actually just making the problem worse. More debt, more austerity, higher ecb rates, higher euro ... err and they are supposed to grow their way out ? Hahahaha, don't make me laugh!

Wed, 06/29/2011 - 10:32 | 1411723 Ghordius

No.

Growing out is only a dream.

More austerity, higher ecb rates all the way over 4% and defaults, defaults, defaults.

A lot of pain.

Still better than going hyper.

Wed, 06/29/2011 - 08:50 | 1411291 malikai

Lol.. I can't even get into my 4X shop. The bots are crushing them!

Wed, 06/29/2011 - 08:56 | 1411294 youALREADYknow

Reminds me of why I stopped trading spot FX during the financial crisis. I'm sure there were margin calls galore on that non-news event.

Wed, 06/29/2011 - 08:57 | 1411300 firstdivision

Recorded live on beautiful Greek beaches. It's algo's gone wild. Watch as these barely legal algos get wild and flash you both up and down. Call now, only $19.95 per program.

Wed, 06/29/2011 - 09:25 | 1411466 IAmNotMark

Those algos may be 'barely legal' but they sure aren't ethical and moral. We should all be ashamed that they're running around like they are.

I guess I'm old-fashioned. I prefered the time when the 'gone wild' movies were about sex. Now I have visions of Lagarde and Trichet rolling in the sand.

The Greek beaches are still nice though. Oh...an algo just flashed me.

Wed, 06/29/2011 - 10:27 | 1411691 Ghordius

Yeach! Now I have also visions of Lagarde and Trichet rolling in the sand! Bleah!

Wed, 06/29/2011 - 08:57 | 1411306 6 String

Imagine what will happen when the house of cards finally collapses.

Why do I imagine that the house of cards in Greece will be extended and pretended long enough that everyone will forget to imagine what will happen when the house of cards in Greece finally collapses. Isn't this the way of the world nowadays?

R2K is ripping it again today like a great shedder.

Wed, 06/29/2011 - 08:54 | 1411307 jus_lite_reading

DOES IT REALLY MATTER?? Greece is screwed!!!! The EU is done. Stick a fork in it!!

Wed, 06/29/2011 - 08:55 | 1411311 topcallingtroll

Like I said I would love to lose money shorting greek courage, but we know how this ends.

Wed, 06/29/2011 - 08:55 | 1411312 apberusdisvet

Limp dick today,

erection tomorrow?

Wed, 06/29/2011 - 08:56 | 1411313 Silverhog

Anyone voting against the measure will be hailed as hero's. Hard to pass up such recognition.

Wed, 06/29/2011 - 09:03 | 1411325 oogs66

except by CNBS...they are giddy about the vote

Wed, 06/29/2011 - 08:56 | 1411314 hugovanderbubble

Fat finger vote?

Wed, 06/29/2011 - 09:02 | 1411324 TruthInSunshine

Austerity for Main Street. Kleptocracy for Wall Street.

Kapitaljizm, Bitchez.

Hank Paulson to Congress in 2008:

Here's legislation I drafted while taking a dump in the Senate Washroom 10 minutes ago. It's on one sheet of two ply toilet paper, but you don't need to read it. It basically authorizes you to give me a taxpayer-funded blank check to buy and/or backstop about 12 trillion of bad debts recklessly racked up by my buds on Wall Street, including my old co-workers at Goldman, and allows me to delegate unprecedented powers (illegally) to the Bernank.

This blank check of taxpayer funds allows me to transfer Wall Street ebola/toxic-dosis/festering pustules to Main Street, gravely infecting Main Street, while allowing Wall Street to perpetually issue record bonuses and buy more of the national wealth, bitchez.

Oh, and if you don't pass it, there will be tanks and shit in the street, Martial Law, and drones over Cleveland, Sioux City & Dallas, bitchez.

Wed, 06/29/2011 - 08:59 | 1411326 Josh Randall