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Plungorama: EURUSD Under 1.19, EURJPY Under 109
All is not quiet on the Eastern and soon to be Western front: freefall in the Yen, Dollar and Aussie crosses. Complete global wipeout for the carry traders. Where is Paulson's bazooka when you really need it. It's ok though, Bernanke has things under control - in fact he is meeting to discuss raising the discount rate tomorrow.
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I checked the forex quotes right when I woke up. Can't say I was suprised to see the central bank circle jerk in full affect while I slept. This game is getting a little old, one hell of a crank job in the wee hours. They couldn't let it crash down on Monday after Friday's train wreck.
Lets see just how long the blowing of a central bank load lasts today. We already know that once the shorts covering is done it's back to business on the downside. IT appears as though they are doing this only to prevent a full on collapse, looks like the only thing the can do is slow the decent.
So much for that crank job......