Euro Surges On Optimism Cyprus To Be "Fixed" In Hours

EURUSD (and implicitly the algo-connected S&P 500 futures market) is surging on the basis of optimism (for the new 'deposit tax plan') from the head of the party that abstained from the previous 'deposit haircut vote'.

• *CYPRUS'S NEOFYTOU SAYS SITUATION IS DIFFICULT
• *CYPRUS'S NEOFYTOU EXPRESSES CAUTIOUS OPTIMISM

It seems 'cautious optimism' is contagious but the irony of this politician's two-faced hypocrisy driving any market reaction is mind-numbing. EUR has broken above 1.30, Italian and Spanish bonds are rallying, and Italian stocks are now green for the week.

President Nicos Anastasiades' ruling DISI party has said a solution satisfactory to the troika may be possible within hours. Speaking to reporters, deputy leader Averof Neophytou said: There is cautious optimism that in the next few hours we may be able to reach an agreed platform so parliament can approve these specific measures which will be consistent with the approach, the framework and the targets agreed at the last Eurogroup.

Charts: Bloomberg

Comments

[machineh]

Buy the mushroom cloud.

[whatsinaname]

What are the Texans upto ? Buying their own gold.

http://finance.yahoo.com/blogs/daily-ticker/texas-may-start-hoarding-gol...

[quintago]

Effin Cypridiots.....Why don't they just offer to exchange shares in a national gas company for 10% of their deposits.

They not only get the Germans/EU off their back, but they've managed to convert crap paper into a hard asset.

[Frozen IcQb]

Oh Please!

Just wash, rince, recycle...all banks

[El Oregonian]

Cyprus, From "Door mat of the outhouse" to "Toilet seat of the kings".

[jeebus]

Perry is determined to be the President of Texas because he couldn't be president of USA.

[Stoploss]

We're gonna take EVERY SINGLE BUISNESS...........................

[McMolotov]

Guys look! Here comes Jesus on a unicorn!

[Dewey Cheatum Howe]

Is he sitting on the saddle or on the horn?

[Temporalist]

He's wearing the Golden Fleece and holding the goose that lays golden eggs...everyone is rich beeotchez!

[Pontius]

WTFWJDFAKB

[a growing concern]

At this point, I believe a worldwide nuclear war would send the DJIA to 30000. Just think of all the vaporized windows!

[Stonedog]

Wow - what is this - the fifth or fiftieth plan to "save" Cyprus since Saturday?

[akarc]

And this is what financial markets are made of?

[spastic_colon]

cyprus doesn't matter remember....according to fink....so it must be something else moving the markets like a roaring global economy /s

[BeaverFever]

And I believe that Reggie Love and Obama just hold hands.

[Fips_OnTheSpot]

OBEY!!! http://cdn1.spiegel.de/images/image-476448-breitwandaufmacher-rsom.jpg

[Ratscam]

Yes I can!!!  http://www.tagesanzeiger.ch/ausland/naher-osten-und-afrika/Obama-facht-d...

[Temporalist]

Great pic!  I think a more appropriate caption is "I find your lack of faith disturbing."

[slaughterer]

Stolper is wetting and shitting himself.  

[ihedgemyhedges]

No he isn't.  He raped the muppets and the squid made off just fine thank you......

[Charles Nelson ...]

nothing like putting a band-aid on a shotgun wound

[MountainMan]

Alberta man may be first to sell house for bitcoin virtual currency

http://business.financialpost.com/2013/03/21/canadian-bitcoin-house-for-...

[jeebus]

As long as he's diversified in other things I think it's fantastic.

[Dr. Engali]

All this madness over some shitty pieces of paper...the whole world has gone insane.

[nokomarie]

I think we're talking "fixed" in the veterinarial sense...

[hedgeless_horseman]

"Now don't you worry about that injured horse, folks.  Here at the rodeo we have some of the finest veterinari_BANG!_ans in the entire county."

[Temporalist]

Perhaps it's the veneral sense as in "I had herpes once but it got fixed."

[akarc]

or at least venerial

[the not so migh...]

The new backup plan is all Cypriots are to sell one organ.

[Rip van Wrinkle]

Don't give these f*ckers any more ideas, please.

[akarc]

Fer sure, their already repossessing balls

[vote_libertaria...]

So I take it the 'talks break down' news will be announced at 4:01 ET.

[akarc]

Oh come on now. Such a scenario would lead to rumours that the markets are fixed and some engaged in insider trading.

[freewolf7]

"Fixed" like a junkie gets a fix.

[SillySalesmanQu...]

High Grade Hopium being mainlined over there.

[DrDinkus]

been sitting on my hands all week...are we crazy for knowing that this can only end poorly? sometimes i wonder if i've become stuck in my EU crisis obsessed mind...just dont see a can for them to kick this time

[hugovanderbubble]

SELL THE NEWS and short the market 100%

[magpie]

As if they would make it easy to trade the Euro's end

[razorthin]

The lowest volume pump I've seen on the ES.  After an hour I still see no volume bar on the hourly chart.  Fuck you Bernanke.

[Rip van Wrinkle]

Just one question. Has anyone thought what may happen when the banks reopen? Or will they never reopen??

[SheepDog-One]

No one knows...but all is WELL!!

[tsx500]

my best guess is that when they reopen it's quite bullish.   but if for some reason they never reopen, then i'll be turning bullish .

[otto skorzeny]

the Germans need the weaker euro members to keep the Euro cheap-otherwise the Euro would rip higher and the Germans-being an exporter-would be screwed

[Seasmoke]

We have already seen this movie.

[Cursive]

@Seasmoke

Every day, all day.  They have inventory to offload, so ramp it they must.   Ramp and sell!  Ramp and sell!  The bucket shop is taking on water! Bail, lads!  Bail with all your might!  Ramp and sell!

[B2u]

Agreed platform?  Who's gallos are being built for a hanging?

[Anglo Hondo]

Are we hanging winos now, or just whiners?

[Shizzmoney]

Cyprus supermarkets running out of food because suppliers demanding cash.

This should end well.

[SheepDog-One]

The whole world can be supported by fake rumors of optimism alone!! In fact, it's BETTER than an actual economy! I'm all 'OMG'!

Yea sure...