This Is What A Disorderly FXit Looks Like

Tyler Durden's picture

The biggest market in the world - foreign exchange - is having some issues here. Wherever you look, trends are snapping hard and levels are gapping. EURUSD is down 1% from Friday back below 1.31 (a 240 pip swing from pre-Italy levels); EURJPY has collapsed to one-month lows; EURCHF is heading the wrong way for the SNB; and carry trades are lifting in rip your face off mode. "That escalated quickly..."

EURJPY collapsed...


and wherever you look things are gapping...


And overall against the USD - it is getting a little jumpy...


Charts: Bloomberg

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medium giraffe's picture

Here it comes.  Godspeed all.

bank guy in Brussels's picture

FX pairs are bunga jumping

Should have been anticipated !

Will be wild at many moments as the euro-zone split unfolds

SeverinSlade's picture

Bunga-bunga appears to have briefly replaced Ben Bernanke as the most influential man in the world.  Who would've thunk it?

Xibalba's picture

So this is what they do at those G20 meetings

redpill's picture

Isn't CHF pegged to EUR these days?

thisandthat's picture

I think it's more like pegged by the euro, if you know what I mean...

Homo Erectus's picture

No, the Swiss central bank had thrown the kitchen sink to try establish a floor on EURCHF at 1.20 and was happy to see the EUR recover in recent months...

mdtrader's picture

You crazy FX fools. You're gonna meet my friend pain!

swissaustrian's picture

EUR/CHF is going back to 1.20 within weeks.

bank guy in Brussels's picture

And then EUR USD back to 1.60 as the southern countries leave the euro

CHF peg will be a lot more comfortable then

Would not be surprised if Switzerland even joins the Germanic euro once the Mediterranean countries, including France, have departed

swissaustrian's picture

We'll not join the Euro, even an adjusted version. There would be a popular referendum to stop that. Anything related to the EU or just Germany would be voted down.

walküre's picture

Switzerland is becoming increasingly irrelevant. Without the ability to hoard American and German "winnings", the Swiss will have to sell lots and lots of cheese or chocolate on the international market. The biggest Swiss real estate market is in the ghettos of Eastern Europe. Good luck with that!

OpenThePodBayDoorHAL's picture

Truth. The Swiss folded like a cheap suit when the State Dept threats made UBS roll over and give up secrecy. Next is State Dept threats if they don't let Monsanto do what they want. That worked in many other countries.

swissaustrian's picture

We have our own Monsanto - Syngenta.

ParkAveFlasher's picture

If one reads history, one may believe the Swiss to be the puppet masters here.

They might have peculiar predilictions in the sexual arena but they know how to wind a clock, know what I mean?

walküre's picture

Yup +1

Rothschilds weren't Swiss but the Swiss sure seemed to like the Jews and their gold. No matter who delivered it.

swissaustrian's picture

The domestic financial sector makes up about 10% of GDP. The foreign activities of UBS and CS aren't really making such a large impact on the domestic economy. They've transferred these businesses to London, NY, Singapore, Hong Kong and the Caymans already. They've not been paying any taxes for 5 years, too. The federal budget still generated surpluses each year.

walküre's picture

sure, whatever. you're the greatest.

why the fuck did the Swiss NOT get invaded by Hitler? you made concessions and deals with the "devil"

same as it ever was

swissaustrian's picture

Why do you have to resort to name calling? I just tried to offer you information that might help you understand the current economic situation of Switzerland.

lasvegaspersona's picture


do not try to change the fixed opinions of the peanut gallery here....they do not respond to new input

css1971's picture

ITYM horse lasagne.


Nestle is Swiss.


Lost Wages's picture

Time to run screaming for the exits.

kaiserhoff's picture

Bad day for real estate in the Hamptons.

kaiserhoff's picture

Note to self..., days like this are why you don't trade fucking FX!

disabledvet's picture

Indeed. "keep those stops tight" folks. And if you still can't help yourself...make sure it's with people you know...and trust.

xtop23's picture

Make your own luck. Get out of paper.

kliguy38's picture

this is not the exit from paper. Just imagine when the "digital" paper game unwinds. All of the digital fiat in the world is vapor locked in a nano second....without warning.

lasvegaspersona's picture

do the markets still require a nanosecond for anything? waiting that long is like so August of 2012....the new super cooled computers are limited only by the speed of light and that damned 1000 fooot cable length minimum...

buzzsaw99's picture

serenity now, insanity later

Iriestx's picture

Looking at the charts, it's more like instanity now, suicide later.

hugovanderbubble's picture

Charts are Irreal Sir,

The reality people has no money in Spain and Portugal....IBEX has to be close to 3.500 points and its quoting roughly 8´000 -8,200


NO REAL buyers in Spanish Equities since 2010

Bam_Man's picture

All I can say is "Sham-wow!"

Penny-stock "action" now evident in all asset classes.

Widowmaker's picture

Joke's on you.  Fuckup-bernanke and his printer of fraud-ill-repute assure you pay for all volatility.

Pucker up buttercup.

mjorden's picture

Just a crack in the foundation.  I wonder if they put in rebar during initial construction.  We will soon find out!

nobusiness's picture

Adult version of "Hot Potato" and "Musical chairs" wrapped together.

That's going to leave a mark

Cursive's picture

Note to BernanQE:  It didn't have to be this way.

medium giraffe's picture

Bet HE doesn't end up in a government issued plastic coffin.

emersonreturn's picture

wait a few minutes, benny fix.

Conman's picture

Hilarious - what made this all happen? Democracy! lol , people voting for who they wanted to vote for.

ParkAveFlasher's picture

I don't know about you guys, but I voted for an Elector and I can only judge / hope that he / she represents me / my interests well in deciding our next president.

To remind, the popular vote is precisely that, a popularity contest.

TrustWho's picture

Exactly, you are voting for the best Reality TV. Goldmann says your stupid and we should take care of them (or translation: "rape them)

NotApplicable's picture

Idiot voters WISH it was a popularity contest. That way, they might actually get the chance for once to vote for a popular candidate.

As it stands, voting is nothing but a method of soothing both the apathetic and informed voters from their depression/anger issues.

Anyone who votes has the perspective of an innocent child (with innocence replaced by Hopium-fueled ignorance).

TrustWho's picture

The Masters of the Universe hate democracy. Who are these stupid people?

hugovanderbubble's picture

The only exit for EuroPIIGS is...


Devaluation....Creating EURO " A" and Euro "B"...

"Iceland has been the test"


He have to devaluate the freaking Euro, cos the massive leverage taken 


European banks are toast&fried.


End of the game


Its impossible to hold this farce more, people dont have a penny in Spain. Unemployment 26.5% and tranch 16-25 over 56%.

DEBT HAIRCUTS coming YES OR YES in sovereign debt

Spain downgraded to Junk