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Risk Off Big As EURCHF Dips Below 1.30 For First Time Ever: This Morning's FX Heatmaps
Another day, another record, this time in European capital flows out of "Europe" and into Switzerland, as Phillip Hildebrand is already one foot out of his Bern office, resignation firmly in hand, as he has lost all control of the EURCHF which for the first time ever dipped below 1.30. So as the world prepares for another round of wax, er, risk off, and major capital flows away from everywhere else and into the US, here are how the FX heatmaps look this morning.
USD:
EUR:
JPY:
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I reckons I dont know me much 'bout no heat maps.
Beautiful maps, where can I go to get live ones that I can change base currency and time period? Or do I have to have a commercial account and $1000's? Thanks!
Mr. Hildebrand, what is your comment ? Hildebrand :"Das ist zum Kotzen für die Schweizer Wirtschaft."
Translation: This is sickening to the Swiss economy
Another day, another liquidation of US Treasury and dollar shorts. Overcrowded trade anyway.
Yeah, so? Big deal. We look good, Europe looks bad. Europe looks good, the U. S. looks bad. See-saw, back and forth, up and down, round 'n' round. The pivot point will break and all hell will break loose. Let's put this puppy down.
My arm is twisted way up my back on these Euro longs - almost ready to surrender. But big swings back and forth usually mean a change in direction - right?
How long until the Swiss intervene with the Japs...and why bother as it will only fade in the short term....
Euro capitulation coming. We are truly living in historic times - what is about to happen is what we will be telling our grandchildren about around the fireplace in some years' time.
FXY is lower this morning....I expect a bounce and possibly a positive close provided the FXY stays down.
I don't recommend walking around that area at night unless you are in for some cheap human affairs... well, not so cheap anymore if trading in euros.
Silver, bitches.
John Mauldin on Belgium, the Capital of the European Minefield
Yesterday they was a good question to the NBB of Belgium.
The NBB is supposed to have 1300 tons of gold and the treasury another 400 tons.
Somehow, they stopped reporting where the 1300 tons of gold are and nobody knows where they are. Also, they refuse to answer if they lended out that gold yes or no.
Another thing is the fiscal policy of Belgium. It totally fucked up, they have almost the highest tax rate in the world, there politics are messed up (6 elections in 3 years... go figure). And as they are the European capital, that doesn't look that good.
And now there is talk about a split up between the rich flemish side and the poor french side.
On the other hand, the citizens of Belgium are amongst the richest in Europe.
My portfolio also looks like a European heatmap this week...
LOL!!
You still have a portfolio?
But, I know what you mean, I tip-toed in with a small position last week. Got my teeth kicked in. I'm back out. The mechanics of the swing was there and the stop saved me.
Note to self: Never fight the HFTs. Ever.
Yeah... I jumped in last week and yesterday.
I am still thinking the FED will do another rescue :)
I know the name of the big macro hedge fund thats imploding. Its the SNB Hildebrand Alpha Fund.
Just close your eyes and buy.
There's going to be so much money in switzerland by the end of the month they will be hiding in the sewers.
maybe it will, like, tip over. all those tall mountains y'know - Ned
Nice touch! You could do very well in politics in Georgia I suspect...
lol, no nor politics, nor that poor bastard admiral who did not burst out laughing but said: "Uh, that's not something that we expect to happen."
He used every bit of his training and discipline to get it out that way.
- Ned
Can someone please explain why this is bad for Switzerland? why would they fire the guy?
zirb: Switzerland has a positive trade balance. I know it might be difficult to comprehend for an US citizen but Switzerland actually exports significantly more goods than it imports. As such a strong CHF is obviously not helpful to it's industry / economy. Now the net impact is not that easy to fully quantify (typically the financial sector is doing a killing right now...)
But "back in the day" didn't the U.S. also export but also had a strong currency? What is wrong with exporting and a strong currency if your domestic market is also strong?
Price.
Also, your precedent's a little faulty: U.S. had a strong currency and strong exports because the rest of the world was destroyed by WW2.
Hmm, a World War that destroys every country's infrastructure except North America's...I wonder what the current crop of U.S. politicians would think of that happening today...
Also, he pissed away a TON of CHF trying to stop the inflows from panicked Europeans who wanted anything that wasn't a Euro. To no avail, since anyone with a brain can see the Euro is going to be printed on a scale that only Ben Bernake can understand.
I like the graphic FX Heatmap. Where can you get them?
I guess you could do what TD does and steal them from Goldman 360.
Thanks for such a great post and the review, I am totally impressed! Keep stuff like this coming!...
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