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FX Market Opens, EUR Hammered, CHF Bid; S&P To Open -30pts

Tyler Durden's picture




 

As Citi's Steven Englander suggested earlier, the developments in Cyprus will lead to EUR selling and USD, CHF, GBP, NOK and SEK  buying (in that order). He adds, the issue is whether to believe that the Cyprus levy on depositors is one-off, but depositors and investors elsewhere could easily see this as another in a string of ‘one-offs’ and react badly. The risk-return to depositors in countries with weak banking systems may not favor taking the risk that Cypriot banking system was so unique that such a levy would never be considered elsewhere. The levy on deposits ostensibly covered by deposit insurance may also undermine confidence in weak banks. The question is whether this becomes a full-blown crisis or a mini-crisis. For now, as FX markets open, it appears EURJPY is getting hammered (from 124.47 close to 121.6) implying S&P futures will open down around 30 points. We are sure Abe is watching closely...

 

 

Given the element of surprise, it is probably the case that euro zone policymakers will not have concrete measures prepared to convince depositors elsewhere that this will never happen again. So it seems likely in the first instance some resurgence of tail risk will re-appear and that there is a risk that we could see a downward spike in the euro and significant backing up of spreads.

 

EURUSD has opened and is -140 pips for now...

 

and CHF is bid...

 

and all that good jawboning by Carney gone dow the drain... as GBP bid too...

 

the question is will the Swissie bid on Europe's risk flare recouple the S&P 500 with reality once again... as it did after theItalian election...

 

and of course everyone's favorite USDJPY...

 

Leaving us asking 'Is This It?' as a terrible case of deja vu comes over the market once again...

 

or this?

 

or perhaps more appropriately this?

 

Charts: Bloomberg

 

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Sun, 03/17/2013 - 14:59 | 3339151 TooBearish
TooBearish's picture

ill take the under on -30 spx points

Sun, 03/17/2013 - 15:01 | 3339158 Clockwork Orange
Clockwork Orange's picture

And, once again, those who have done the right thing, 'saved', are screwed.

And what of the criminals at Goldman who concocted the greek rate swaps that kicked off the whole ordeal?  

Bigger bonuses.

It is time to fire up the gallows at last.  Looks like they're gonna be needed.

Sun, 03/17/2013 - 15:02 | 3339168 d_taco
d_taco's picture

I think Citi (90% sure Greece will leave the EURO)  made a killing on Greece debt 80% up in 2012.

Now Zerohedge and Citi want to rip you of again. Big change the EURO will dip. Many sheeps will jump and then it will rebounce back somewhere round 1.30-1.31. Many sheeps will find they lose alot of money on tuesday.

Cyprus is nothing, it is peanuts. The UK is cornered, the next big thing is the Pound collapse.

Sun, 03/17/2013 - 15:13 | 3339214 lolmao500
lolmao500's picture

If Cyprus is nothing, why the hell do the EU are wetting their pants over them? Yeah.

Sun, 03/17/2013 - 15:03 | 3339173 monopoly
monopoly's picture

"This will never happen again" LMAO. Right, and our economy is reaching blast off. But noone marches....yet.

Sun, 03/17/2013 - 15:13 | 3339212 jimcg
jimcg's picture

I think that we all know that the entire world's financial system, at least the parts controlled and influenced by the Anglo/American Central Banking Ponzi System. But, what we haven't a clue about is how the manipulated and corrupt markets will react to anything political and/or ecomonic.

I wouldn't be surprised if US markets and the dollar rally (safe haven theory), gold dives, oil soars, and baseball cards rebound. Just sayin'

J

 

Sun, 03/17/2013 - 15:27 | 3339283 WmMcK
WmMcK's picture

 baseball cards rebound.

Still have the Gary Peters rookie of the year card.

But not the Pete Rose one.

Sun, 03/17/2013 - 15:37 | 3339327 jimcg
jimcg's picture

I think that we all know that the entire world's financial system, at least the parts controlled and influenced by the Anglo/American Central Banking Ponzi System (edited) [are totally insolvent.]

But, what we haven't a clue about is how the manipulated and corrupt markets will react to anything political and/or ecomonic.

I wouldn't be surprised if US markets and the dollar rally (safe haven theory), gold dives, oil soars, and baseball cards rebound. Just sayin'

J

 

Sun, 03/17/2013 - 16:24 | 3339520 lakecity55
lakecity55's picture

Gawd, it might be PMs are gonna go on a fire sale for a while, in dollarz.

PMs, Bit-Chez!

Sun, 03/17/2013 - 15:13 | 3339213 orangegeek
orangegeek's picture

SP500 Hourly broke channel support on Friday.

 

http://bullandbearmash.com/chart/sp500-hourly-closes-channel-support-4/

 

Even last Wednesday, there were signs that change was coming.

 

http://bullandbearmash.com/chart/sp500-hourly-closes-channel-support-3/

Sun, 03/17/2013 - 15:16 | 3339224 Downtoolong
Downtoolong's picture

the issue is whether to believe that the Cyprus levy on depositors is one-off

The only issue is how long it will be before the MSM starts referring to these kind of events as the status quo.

Sun, 03/17/2013 - 15:25 | 3339277 machineh
machineh's picture

The politically correct term is 'contributions.'

Like the 'contributions' we make to Social Security.

Sun, 03/17/2013 - 15:44 | 3339358 Non Passaran
Non Passaran's picture

Savers were 'invited' to make 'contributions'.

 

Sun, 03/17/2013 - 16:03 | 3339426 WmMcK
WmMcK's picture

I used to give at the office.
As far off the grid now as possible.

Sun, 03/17/2013 - 15:16 | 3339226 jubber
jubber's picture

If anything won't there be a flight to the $ and US equities from Europe? although the initail reaction could well be down?

Sun, 03/17/2013 - 15:21 | 3339248 Downtoolong
Downtoolong's picture

First it was the 30 year bond, now even cash in the bank has become a risk asset. Next it will be cash in your pocket when they start contemplating a conversion to the Amero.

 

Sun, 03/17/2013 - 15:21 | 3339250 U4 eee aaa
U4 eee aaa's picture

Volatility traders:

Prepare for battle

Sun, 03/17/2013 - 15:24 | 3339255 Yen Cross
Yen Cross's picture

  This guy is pretty reliable. Here are some early rates out of Asia.

 
March 17, 2013 at 19:17 GMT

Good morning/afternoon/evening.

Here is a guide to early prices with just the New Zealand market active at present. The usual caveats apply – liquidity is super-thin at this time of week and prices can move sharply on not much.

  • EUR/USD 1.2940
  • USD/JPY 94.07
  • GBP/USD 1.5136
  • USD/CHF 0.9390
  • AUD/USD 1.0350
  • NZD/USD 0.8232
  • USD/CAD 1.0224
Sun, 03/17/2013 - 15:33 | 3339306 Orly
Orly's picture

USDJPY @ 94.07???  There's no way that can be right.  That indicates a gap-down of 130-pips.

I asked him and he said that that was correct.  I don't see how.  USD should be moving higher here, unless there is some massive risk-off move in the offing.  I don't see that happening anyway to that kind of scale.

Something's not right here, YC.  We'll see at the open...

:D

Sun, 03/17/2013 - 15:43 | 3339349 Non Passaran
Non Passaran's picture

USD-JPY 94.2600 -1.9300 -1.92% 96.7100 77.1300 15:29:50

From the Web..

Sun, 03/17/2013 - 15:45 | 3339364 Orly
Orly's picture

With just the NZ interbank open, things are very likely to change in a hurry...to the upside.  There is just no way those numbers are going to stick.

:/

Sun, 03/17/2013 - 15:43 | 3339354 Orly
Orly's picture

While the Euro loses ten pips?  C'mon, man...

Sun, 03/17/2013 - 16:06 | 3339444 ATG
ATG's picture

Look again.

EUD/JPY as low as 121.72 (-2+%) so far:

http://data.cnbc.com/quotes/EURJPY%3D

 

Sun, 03/17/2013 - 16:23 | 3339517 Orly
Orly's picture

I mean EuroDollar, of course.  Currently pegged at 1.2934 at the open. That's less than thirteen pips to the downside.  Something's not making a lot of sense here...

Sun, 03/17/2013 - 15:44 | 3339357 akak
akak's picture

 

Something's not right here

You can say that again!

And again.

And again.

And again.

And again.

And again.

And again ....

Sun, 03/17/2013 - 15:53 | 3339383 Yen Cross
Yen Cross's picture

     The usd has been trading like a 'risk-on' currency Orly. That is why I shorted usd/jpy last Wednesday @96.6 and tp @ 95.30 Friday.

    I'll bet a lot of traders are getting caught on the wrong side of that trade right now. The equity markets are under pressure and Japan with all of it's problems is still a Nation of savers. (kampo-postal system).

   The yen might be reverting back to a risk off(strength vs usd) profile. Time will tell.

Sun, 03/17/2013 - 16:00 | 3339409 Orly
Orly's picture

But 100+ pips?  It's not like someone blew up a US aircraft carrier or something...

Sun, 03/17/2013 - 16:03 | 3339427 ATG
ATG's picture

worse...

Sun, 03/17/2013 - 16:10 | 3339445 Yen Cross
Yen Cross's picture

  Much worse... Faith in the entire European banking system is being questioned. The French, Italians, Greeks, Spanish aren't going to let their governments confiscate between 7-10% of their meager savings. The piigs are prepped for civil unrest. Unemployment rates are skyrocketing in southern Europe.

Sun, 03/17/2013 - 17:33 | 3339806 buzzsaw99
buzzsaw99's picture

^^This^^

 

There will be milkshakes: http://www.youtube.com/watch?v=8hXJMFW25nY

 

Sun, 03/17/2013 - 16:01 | 3339414 ATG
ATG's picture

Often the market is right and we are wrong.

Traded as low as 93.76 so far:

http://data.cnbc.com/quotes/JPY%3D

http://www.youtube.com/watch?v=YEA7fQhJy84 5:35

Sun, 03/17/2013 - 15:24 | 3339274 goldenbuddha454
goldenbuddha454's picture

Hey Beppe Grillo, get in line with the plan, can't you see the benefits of saving the Euro via deposit confiscation? /sarc

Sun, 03/17/2013 - 15:25 | 3339279 TLT
TLT's picture

The meaning of peace nowadays is to know that I wouldn't care if my government froze my bank account.

Sun, 03/17/2013 - 15:32 | 3339303 thismarketisrigged
thismarketisrigged's picture

but how can this be?

 

i was told by cnbc that europe was fixed, the economy is on the road to recovery, and that is indicated by a surging stock market.

 

ha ha ha, fuck u bankers, may this be the start of the demise of your fucking corrupt banking system.

 

what a fucking scam how regular citizens are getting fucked so hard in the ass bc of these irresponsible countries and bankers.

 

may this lead to a massive global market crash, one that will be so bad that central bankers will stay the fuck out of things now on.

Sun, 03/17/2013 - 16:13 | 3339471 Element
Element's picture

Watching ABC 24hr Breakfast for an hour and barely any mention of this on their not-the-fn'-nuws. Quite a lot about some fat old dude called "Pope" though.

I guess they need a bloodbath before they'll wake up to what's been going on. ... /switching off

Sun, 03/17/2013 - 16:15 | 3339480 Yen Cross
Yen Cross's picture

  MSM is like a bunch of Kindergartners with 'OUIJA Boards', Element.

Sun, 03/17/2013 - 16:38 | 3339571 Professorlocknload
Professorlocknload's picture

It's even on Yahoo and Drudge now. Most of that MSM was scripted last week.

Sun, 03/17/2013 - 15:46 | 3339366 Tim Knight from...
Tim Knight from Slope of Hope's picture

You guys are ignoring the real question: what does Mila Kunis have to say about all this?

Sun, 03/17/2013 - 16:12 | 3339473 Conax
Conax's picture

She said," OMFG do these ear rings match my eyes?   Where's my latte?"

Sun, 03/17/2013 - 16:16 | 3339487 Orly
Orly's picture

She's cute.  It's not her fault CNBC has nothing else to talk about...

Plus, she was great in the new movie.

:D

Sun, 03/17/2013 - 16:15 | 3339482 akak
akak's picture

Who is Mila Kunis, and why should I give a fuck what she has to say, or anything about her anyway?

Sun, 03/17/2013 - 16:16 | 3339494 GrinandBearit
GrinandBearit's picture

Tim is being sarcastic.

Sun, 03/17/2013 - 16:20 | 3339508 akak
akak's picture

I realized that, of course, but his sarcasm implied that there are probably a large number of people who DO care about what Mila Kumis, whoever she is, has to say, hence my question.

My gut suspicion is that she is some half-talented, half-witted pop star or actress, the latest flash-in-the-pan popular culture flavor of the week.

Sun, 03/17/2013 - 16:23 | 3339519 Conax
Conax's picture

She was the little underage lookin thing on 'That 70's show', the one with the huge eyes and the big mouth.  She's a very hot up and coming leading lady type now.  She got her bosoms.

Sun, 03/17/2013 - 16:44 | 3339532 Orly
Orly's picture

She was outstanding in the new Oz movie.  Carried the whole show, in my humble opinion.

:D

Anyways, someone from CNBC asked if she knew anything about stocks and she said that it is something she is just getting into and it's kind of fun.  Then they asked her about her style and some stock tips and she said no comment.

Good for her.

Warning: Spoiler!

http://www.dailymail.co.uk/tvshowbiz/article-2268745/Mila-Kunis-spellbin...

Sun, 03/17/2013 - 17:00 | 3339674 akak
akak's picture

Anything she might have had to say about equities investment on CNBC certainly had to be more intelligent than the ridiculous Keynesian dreamspinning and smokescreening, and the mindless asskissing of Bernanke, by Steve LIESman.

Sun, 03/17/2013 - 17:35 | 3339814 tenpanhandle
tenpanhandle's picture

Mila Kunis...doesn't that mean "million cunts" in latin?

Sun, 03/17/2013 - 22:33 | 3340791 Ludwig Van
Ludwig Van's picture

*thousand* cunts

.

Sun, 03/17/2013 - 15:57 | 3339400 unwashedmass
unwashedmass's picture

got gold?

Sun, 03/17/2013 - 16:07 | 3339448 Paracelsus
Paracelsus's picture

I keep one credit card,20% the scummy bastards,just for emergencies.

I think it is fair that a local bank should pay 6% for your deposits,more if they want to encourage people to save.But the idea is that your funds are safe in the bank.Now I am not so sure. MF Global investors were chasing the high return,ditto for Madoff.

They took away the ability of individual states to PRINT in the Euro area.I see this as the same as 2008 on Wall Street: having to take the shadow balance sheet stinky turds back on board.

I agree.They should do Iceland.What I find upsetting is that the Germans wanted 40% at first!Something is rotten in the state of...

Mon, 03/18/2013 - 14:43 | 3343634 MeelionDollerBogus
MeelionDollerBogus's picture

Actually no, those MF global accounts were segregated and funds not in play in many cases, not in a contract, were wiped out anyhow

Sun, 03/17/2013 - 16:11 | 3339460 thismarketisrigged
thismarketisrigged's picture

should deff be an interesting overnight and monday of panic, in what has otherwise been a downright boring trading year with the same low volume predictabile outcome daily.

 

i want a blood bath.

 

the best part about this is that it came out of nowhere ( obviously i mean by that, the way it just happened, we all knew europe was fucked and its not real a shock this happened)

 

i wonder how well positioned goldman, jpm, c, bac, all the other fraudulant banks are for this news?

Sun, 03/17/2013 - 18:19 | 3339980 mt paul
mt paul's picture

then jump in the tub 

with a banker..

Sun, 03/17/2013 - 16:15 | 3339461 ekm
ekm's picture

This is my conjecture:

 

- Major euro banks are receiving Fed QE money to do CDS payouts.

- Money has gone to crude oil. commodities, grains etc. Economy is contracting due to shortage of energy.

- However, capital is leaving Europe.

- CDS accounts are margined daily.

- If capital is leaving europe (Putin withdrawing the money or rich people leaving due to taxes), hence big euro banks cannot post collateral to maintaing leveraged derivative accounts daily.

- Hence europe must have asked the Fed/Obama to increase QE from 85 billion/month to (I am making this up) 200 billion/month not only to do CDS payments and maintain margin, but also...........to buy energy.

 

Guess: What would the response of Obama/Bernanke might have been so that european have been forced to raid deposits?

Sun, 03/17/2013 - 16:25 | 3339516 Element
Element's picture

Just remember, those banks are now dead, they're goners, a complete wipe-out of depositors. The thing they claimed to be trying to avoid, is what they actually got. Schauble wanted 40%, he knew he couldn't get it, but asked for it, knowing it was the kiss of death, and that has killed those bank deposits. They may have been dead on their feet already but now they're goners for sure, as is the national banking system.

That look kind of sus to you?

The outcome seems more like a hit, than a wealth tax recapitalization.

Sun, 03/17/2013 - 16:25 | 3339527 ekm
ekm's picture

I am not talking about cypriot banks. I'm talking about major euro banks.
Once started, they won't stop in cyprus only.

Sun, 03/17/2013 - 16:29 | 3339534 Element
Element's picture

But do you expect a different outcome elsewhere?

Seems kamikaze.

Sun, 03/17/2013 - 16:30 | 3339538 ekm
ekm's picture

Oh, no, no, no.

What I am expecting is a collapse of a primary dealer or major euro bank extremely leveraged and loaded up with spanish/italian bonds.

Something like 3 x Lehman, or LEHMAN TRIPPLE, within weeks, not months, not years, weeks.

Sun, 03/17/2013 - 16:31 | 3339545 Element
Element's picture

Kamikaze it is then.

Mon, 03/18/2013 - 14:42 | 3343625 MeelionDollerBogus
Sun, 03/17/2013 - 16:21 | 3339509 Tombstone
Tombstone's picture

Not to worry bulls, Benny can still print faster than the markets can fall.  Any sell off will be bought with both hands by the bottom feeders.  Markets cannot fall very far as long as Benny controls the puppet levers.

Sun, 03/17/2013 - 16:27 | 3339535 ekm
ekm's picture

Not necessarily.

To print = to Buy bonds.

There is collateral shortage in the shadow market  because Ben has bought up most of them.

 

2nd, and most important  ...BRENT VIGILANTES.

Sun, 03/17/2013 - 16:21 | 3339515 The worst trader
The worst trader's picture

Maybe the TVIX I bought on Friday will be a winner.

Sun, 03/17/2013 - 16:24 | 3339521 hyperbole2000
hyperbole2000's picture

The grand plan and its timing is starting to be revealed. And collapsing with the vote dealay.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/03/2013_488311

Sun, 03/17/2013 - 17:05 | 3339676 Element
Element's picture

Yes, that is interesting ... they seemed to know the decision was coming before it happened ... they just didn't expect the unfortunate stumbling-block of democratic process ... or for those ripped-off depositors to be such asses about it all ... damn this political plurality!

Sun, 03/17/2013 - 16:25 | 3339522 Freedomtosayno
Freedomtosayno's picture

From "Mr. Gold", Jim Sinclair, a very good point.

“The wire reports on the Cyprus situation are working overtime to try to make the case that 80% of the deposits belong to the people of Cyprus, and only 20% of the deposits belong to the Russians.  That’s absolutely false.  After 1985, when the ‘Robber Barrons’ of Russia took over the general economics of Russia, that was the transformation from the KGB to private business.  The primary place for exported Russian funds was Cyprus. 

Now, there is one leader in the world that would be very dangerous to challenge and that is Putin of Russia....

Continued:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/16_Si...

 

"Eventually it reaches a point of essential alienation, where it can no longer pretend to represent the governed. The American government is now the most powerful human organization that has ever existed. It has made a stupid habit of exercising power arbitrarily, uninhibited by moral or constitutional principle. It is not a conspiracy masterminded by some cunning genius at the center; it is a system of power which large numbers of greedy and ambitious people have learned to use. It has ceased to be a problem for Americans only; it has become a problem for a large part of the human race."   Joseph Sobran

 

 

 

 

Mon, 03/18/2013 - 16:55 | 3344403 earleflorida
earleflorida's picture

:-))

 

Sun, 03/17/2013 - 16:30 | 3339541 resurger
resurger's picture

The bullshit hits the tape:

http://krugman.blogs.nytimes.com/2013/03/17/the-cypriot-haircut/

OK, I didn’t see that one coming. With all the problems in Greece, Italy, Spain, and Portugal I wasn’t watching Cyprus. But that’s where the big euro news is this weekend; in return for a bailout, Cyprus is supposed to impose a large haircut — that is, loss — on all depositors in its banks.

You can sort of see why they’re doing this: Cyprus is a money haven, especially for the assets of Russian beeznessmen; this means that it has a hugely oversized banking sector (think Iceland) and that a haircut-free bailout would be seen as a bailout, not just of Cyprus, but of Russians of, let’s say, uncertain probity and moral character. (I think it’s interesting that Mohamed El-Erian manages to write about this thing, fairly reasonably, without so much as mentioning the Russian thing.)

The big problem, however, is that it’s not just large foreign deposits that are taking a haircut; the haircut on small domestic deposits is a bit smaller, but still substantial. It’s as if the Europeans are holding up a neon sign, written in Greek and Italian, saying “time to stage a run on your banks!”

Tomorrow and the days immediately following should be very interesting.

Sun, 03/17/2013 - 16:56 | 3339665 lakecity55
lakecity55's picture

Go Long on a new Russian Base in Cyprus!

"All your island are ours---"  Vladimir.

Sun, 03/17/2013 - 16:39 | 3339574 John Law Lives
John Law Lives's picture

Chairsatan to Kevin Henry, over.

Chairsatan to Kevin Henry, over.

Blue Horseshoe loves S&P E-minis.  Use the offshore accounts... and keep it quiet.

Sun, 03/17/2013 - 17:25 | 3339746 CaptainSpaulding
CaptainSpaulding's picture

Sir Lawrence Wildman here. Over

Mon, 03/18/2013 - 16:08 | 3344158 John Law Lives
John Law Lives's picture

I have mixed emotions about this market action... sorta like Larry Wildman going off a cliff... in my new Maserati.

Sun, 03/17/2013 - 17:30 | 3339797 Clowns on Acid
Clowns on Acid's picture

Use the Cyprus account...no one will notice that one....

Sun, 03/17/2013 - 16:40 | 3339584 Yen Cross
Yen Cross's picture

 Don't get headfaked trying to fill the gaps Orly. Just a nice reminder to be patient.

Sun, 03/17/2013 - 17:00 | 3339686 Orly
Orly's picture

No, it's cool, YC.  Just trying to wrap my head around this for the 4X market.

The Euro against the dollar is not even budging.  Of course, their futures don't open 'til later but it seems that the yen crosses are getting pummeled and I don't see why exactly.

I understand that the yen may be creeping back into its old safe-haven profile but this is not the same yen as it was even six months ago. Planned printing, continual trade deficits, possible war with the Chinese...

Forgive me but I always have my conspiracy hat on.  Would the ECB take such a move to push the yen higher on purpose?  Draghi has said that it is not such a big deal, as did Schauble.  What do they know that we are not privy to?  Did they make some deal with the Chinese? Koreans?

In other words, something else is going on here and I can't quite figure out what it is.  The gaps will fill, there is no doubt.  But whether it is today or tomorrow, who knows.  All I do know is these numbers won't stick. There's no way.  There's just too much big money on the other side of this trade for that to happen.

Besides, the gaps aren't even in the books yet.  When Australia and Japan open, we may see some serious upside to yen pairs.

My question then would be, why not trade the euro higher from here? There are all kinds of technical reasons to do it but very few fundamental ones.  In fact, no fundamental ones...but the charts show a different story about the EuroDollar.

They may be pulling out all the stops to get that thing higher from here.  Might as well ride the wave.

:D

Sun, 03/17/2013 - 17:11 | 3339725 Yen Cross
Yen Cross's picture

Karuda has been using Draghi tactics.  The key level in usd/jpy is 94.5 area. If that goes(becomes key resistance) then we likely move back into the mid 92.5 area.  I would like to get long that pair from a lower level.

Sun, 03/17/2013 - 17:20 | 3339743 Orly
Orly's picture

You may not have to wait as long as you thought, then.

Best of luck to you, YC and many green pips this week!

:D

Sun, 03/17/2013 - 16:50 | 3339632 RunningMan
RunningMan's picture

This will be a trigger like the assasination of Archduke Ferdinand. Except the shot was at depositor trust, and the reaction will be swift, and the repurcussions complex. Bear failed in March and Lehman in September. Cypress in March, and I'm guessing we won't need the whole summer for this next wave.

Sun, 03/17/2013 - 16:59 | 3339683 beaker
beaker's picture

Think of the haircut US multinationals will take when their stashed overseas earnings get a haircut too from this currency whackeroo.

Sun, 03/17/2013 - 17:09 | 3339724 jubber
jubber's picture

Euro/yen down 300

Sun, 03/17/2013 - 17:27 | 3339786 Clowns on Acid
Clowns on Acid's picture

The Euro looks to take a dive, BUT...think about it...The ECB is actually going the default route by "bailing in" depositers. This is default, its just that the ECB is including depositers in the default rather than backing up / insuring their accounts.

Thus if "controlled default" begins to happen, or is perceived to be happening across the PIGs, then the USD will be the curreny to plummet as there is no default considered by the Fed...just moar printing.

USD and UST ....are ones that should get whacked ultimtely. PMs look nice now don't they?

Sun, 03/17/2013 - 18:08 | 3339798 hooligan2009
hooligan2009's picture

http://www.bloomberg.com/news/2013-03-17/euro-drops-versus-yen-dollar-as...

http://www.fxstreet.com/rates-charts/currency-rates/

not as good as the rates interbank, but i doubt whether you will get a quote in 5 yards of euro dollar out of wellington!

euro down from 1.3077, bounced off 1.2904 to 29 and a quarter or so

could always try the radioactive guys in tokyo (its 6.30 am there)

hmmm..is this a typo?

Cypriot banks account for the bulk of the €0 billion that Nicosia will get from eurozone countries to stave off bankruptcy. 

from second para here:

http://www.cyprus-mail.com/banks/cypriot-banks-transfer-greek-units-gree...

Sun, 03/17/2013 - 17:46 | 3339855 hooligan2009
hooligan2009's picture

"ask anyone..i'm not a conspiracy theorist...."

heh

i think he has spotted the conspiracy!

Sun, 03/17/2013 - 17:55 | 3339883 Supernova Born
Supernova Born's picture

Gold opens in 5 minutes (bid 1591.80). You can guess where the Eye of Sauron is focusing.

Sun, 03/17/2013 - 18:04 | 3339919 thismarketisrigged
thismarketisrigged's picture

s&p futures down 14.60 as of now.

 

fully expect that to turn green by tomm morning somehow

Sun, 03/17/2013 - 18:08 | 3339938 JPMorgan
JPMorgan's picture

' Real ' money apparently does not approve of fiat haircuts.

Sun, 03/17/2013 - 18:24 | 3340005 mt paul
mt paul's picture

bald men

don't care about

hair cuts

Sun, 03/17/2013 - 18:44 | 3340082 hooligan2009
hooligan2009's picture

i guess that explains why they are indifferent to shampoo as well! wash, rinse, repeat has little meaning to them

Sun, 03/17/2013 - 18:10 | 3339952 franzpick
franzpick's picture

Gold 1607 up 13...

Sun, 03/17/2013 - 18:23 | 3339997 mt paul
mt paul's picture

silver up .24

Sun, 03/17/2013 - 18:31 | 3340030 Herdee
Herdee's picture

Expect more acts of "randomness". Japan will be the blockbuster.

Sun, 03/17/2013 - 18:36 | 3340048 franzpick
franzpick's picture

AU and AG will soon be breaking 6 month downtrends up just $25 and $1.50 or so, but the 5 minute charts are the best viewing this afternoon, unless of course you're a sinister, corrupt Euro-Statist-Banker trying to walk your back out of this downhill, -10% slope, dead-end financial canyon... 

http://finviz.com/futures_charts.ashx?t=SI&p=m5

Sun, 03/17/2013 - 19:17 | 3340205 Freaking Heck
Freaking Heck's picture

Ah the world we live in. It all makes perfect sense. First they elect a criminal to head the Catholic church..which makes perfect sense for such a long standing criminal organisation and then we have the banksters looting bank accounts. Of course they figured its mostly Russian money so the backlash wouldn't be quite so bad.

I figure long the ruble vs the Euro as all that Russian money flows back home.

Sun, 03/17/2013 - 19:34 | 3340269 WallowaMountainMan
WallowaMountainMan's picture

it just goes to show what can happen when people just say no.

say no more!

i'd bet if their (cyprus') president grows a set, he'd be able to get ela et al money for nothin for his people. after all, he has real cards. the bad guys have shown their hand. and it's a bluff.

but, politicians are what they are. cyprus will take their time but 'settle' for the restructured wealth tax that takes less than 5% on the under 100k, and the rest from the overs. after all, they set the game in up in the first place and knew what they had bought into in the beginning.

this buys time for the rest of the planet.

china slowly falls like the mismanaged behemoth it is; the japanese chose their country over personal freedom, kamikaze their savings and literally burn their paper money to eliminate japan debt as an act of national pride; energy exporters cut back production, trying to hold prices, but demand is so weak, they go broke and their people starve and rise up; great britain legalizes pot because they're already so high from their leveraging that smoking pot will be a downer; the u.s. of a puts jpm,gs, boa, etc on a usb stick and re-formats as an act of last resort and that works (hey gotta use the fall of the european union to justify something);
everything gets solved and zh has nothing else to write about; i wake up.

and go to zh.com to get the latest and greatest analysis of what the day's crisis is, eat breakfast, and go for a hike into the wilderness.

:)

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