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Keep A Close Eye On This FX Pair
Wondering why the Euro is losing steam so quickly this morning after the Eurogroup 'saved' Cyprus? Perhaps this FX cross is the reason...
Perhaps this is why Italian and Spanish financials and bonds are weaker...
Chart: Bloomberg
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Bullish!
In Soviet-deposit Cyprus, bank robs you!
(h/t ZH)
Ivan, move all our money out of European banks today.
Da, comrade
Locusts are a good omen, right?
Yes, but I wouldn't get too optimistic until millions of frogs start dropping from the sky.
Lots of protein of the none horse kind, que www.youtube.com/watch?v=NzlG28B-R8Y
There goes 1.29 on the EURUSD ..... I thought things were fixed ?
It's a perfect crime!
If you were Russian, why would you put a penny of savings in the Euro or an EU country after this?
Russian? Why would any sane person put a penny of savings into any Eu country after they've shown that they won't hesitate to steal it.
Absolutely, but people are stupid and succumb to the normalcy bias. However if you are Russian and now have personal experience with it, it can shake people out of the fog.
In the long run, the EU has made it clear they will destroy anything and anyone to save their little Frankenstein economic experiment, which to any rational outside observer should make the Euro a toxic currency.
"In the long run, the EU has made it clear they will destroy anything and anyone to save their little Frankenstein economic experiment,"
The funny thing is they have at the same time shown they willl do anything they can to destroy it.
Like a deadly virus, in its efforts to propagate, success ultimately only brings the death of its host and its own demise with it.
If there ever were true noble intentions behind the European Union, they have long vanished and this supposedly sophisticated modern economic experiment has been transformed into nothing more than crude fascism.
Even if that implies destroying itself. What they're doing is tantamount to fueling the fireplace with the cabin walls - what could go wrong with that?
Why would anyone keep their savings in US dollars after Ben has shown he won't hesitate to dilute at an obscene and accelerating rate?
Agreed...maybe 5% of us are sane...the rest....well they keep believing the lie.
Totally agree. The Europeans are acting with panic within this crisis. European authorities are becoming aware that their problems are too big. In the coming weeks and months the European crisis worsened.
I hear the State of IL has a bond offering this week. Generous yields!
Because the Russians did something similar 15(?) years ago. Expropriation of foreign capital is neither new nor unique.
Is your "Tyler" is a total ifdiot or what? Ruble (by definition) is traded within narrow band with center linked to the basket US Dollar-Euro (in proportion 0.6:0.4).
How do you know whether this will continue? What, you think regulatory definitions or even soveriegn law are impediments to CB's doing whatever the fuck they want at this point?
It's going to be mighty cold in Europe next winter. They better hope for some global warming.
Oh please. Only the peasantry is going to suffer. No one cares.
But as you know, global warming can mean colder. If you want research grants, any change in the climate must be attributable to unregulated economic activity.
Yes. Let's worship at the god of global warming.
It might be colder, or it might be warmer.
There might be more tornadoes or fewer.
There might be more hurricanes or fewer.
it might rain more, or it might rain less.
Asteroids and meteors might hit the planet.
It's obviously ALL due to global fucking warming, right? It causes anything and everything, right? No, it's just another fucking scam to raise taxes and steal money.
Bingo! AGW is a HOAX...
That may be true, but Al Gore invented the internet.
i'm bullish on wood !
Long Osage Orange and Oak.
I know it's a running gag and I'm a humourless cunt, but that simply is not going to happen. Anybody using their natural resources for political leverage will lose out on the market long term unless they have a monopolistic position. Tinfoil hat stuff.
Because it's never happened before.....do you remember the 70s?
Vaguely, wasn't even a teenager then, but I also remember vaguely we were at the height of the cold war, global markets were a novelty and OPEC lost its grip on the oil price as consumption sank and demand looked for alternate supply. Ultimately backfired.
In any event, those that think of OPEC, underestimate how closely tied the Russian economy is into Europe and how central money has become to the political elite. Europe is their largest market. You don't fuck with your largest market - unless you want to catapult your economy back 20 years for a few oligarch bank accounts on a shitty little island.
There is always China and India. If you think Russia will not retaliate by any means at their disposal then you are delusional
Ultimately time will tell. I firmly believe they will do nothing. We could set a point in time and make a bet. I'd buy you a virtual beer.
I also believe this place tends to attract a shitload of conspirationalists and doom dayers. Too many see the world ending sooner than later. Not saying it is sustainable, because we all know it isn't. But building a bunker, buying guns&ammo, cans of tuna and sterilised water and digging your silver into the garden is tin-foil hat league.
It seems that the Russians can fight back with more than just Kalashnikovs.
But, but, on the idiot channel they said everything was fixed. I, I don't understand.
Never cross the streams! Oh wait........they did.
just out of curiousity, how much oil and NG does Russia ship to Europe? Which is in pipelines that can be shut down in a matter of minutes???
They won't shut em down. Not when they can charge em up the yin yang.
Actually, Putin just made an energy deal with Xi, so Yin and Yang will be fine. Hans and Guido, on the other hand...
Maybe they should stop accepting unreliable Euros from unethical Europeans in exchange for gas.
they will accept euros but immediately will sell those euros for gold
38% gas to germany alone......................
Bevare ze Russische bear trap...
WTF? Oil's got major wood this morning...
Germany will need a lot of wood next winter to replace all that Russian Natural Gas.
But by buying oil futures with electronic printed money, you can accumulate a bunch of paper claims on oil to use as combustible!
Paper claims are a Trojan Horse.
Think it through.
1. USD gets most of it's strength from the "petrodollar" effect.
2. Petro is getting ramped.
Pretty easy way to manipulate either the USD or /CL. Works in either direction.
I am sure there was a comminque from the Kremlin to all the wealth in Russia -- If you have €€€ in European banks at the moment --- get them out.
yepper, always consider blowback and unintended consequences
Ok,so cyprus has pusshed Russian Oligarcs to sell Euros for rubbles.Hmmm, Dark day for EU when Russians feel thier money safer in rubles ! Quite telling
It is just mind boggling to me that they sell gold and buy the dollar at this time. Just insanity. You believe in obama, reid, pelosi, boner and the bernank, you believe in the Euro? just beyond words.
Just goes to show that emotions override reality....often.
Just shows how much fucking money they have to pump the system and keep up the illusion of sound dollar and sound paper bullshit...
and how much of that is stolen from people by bail out!
gold might be looking ahead and trying to figure out if real dollars seized from bank accounts across the globe is deflationary enough to offset the digital pixy dust BB is shooting to his banksta thug bro's. Maybe gold sees real savings getting corzined, tripping capital control measures world wide and saying piece out niggas catch ya'll after the crash.
In Mother Russia, ruble trade you!
i wouldn't, as a european, put my money in a russian bank right now ;-)
Dow is now RED, WTF happened?
S&P 1565 is proving to be a bitch...The Bernank needs to crank up the printers and push this pig over that hump.
Oil with a major boner.
Dow boner went completely limp and into the red.
Gold smack down.
Weird action all around.
Well Im sure this is just specualtion. But could it be the Russians were not the only ones stashing illegal gains in Cyprus?Could one or two American dollars have gotten caught up in the mix? Where does it all go now? American banks that launder drug money?
I wouldn't as a European, put my money in a European bank right now. No way.
Mine was out of that theatre 30 months ago
(sorryish - couldn't resist)
edit - impressive daily candles building for EUR/USD and cable
Take your money and run Russia
They ain't running. They are attacking.
"The Russians are going! The Russians are going!"
This is just wonderful!
Luke.Baker @LukeReuters #Eurogroup's Dijsselbloem says #Cyprus deal is now a template for rest of euro zone. Uninsured depositors can be bailed-in if needed
just have ONE question : why don't i see any of those damn reporters in Cyprus ???? Jeez this island might be burning and nobody would even know about it !!!!!
Just as in Greece, the government suppresses any real news; occasionally the newsies in Greece will even say, "we would tell you more but, we can't", LOL.
Reality starting to hit the markets. When EU bureaucrats can steal your bank deposits, nothing is safe anymore.
Hate to be the one to pop your rose colored bubble, but nothing was ever safe. The .gov can steal anything you own. And, with the NDAA in place they can now steal your soul and disappear you, leaving nary a trace.
Words on paper are just that. We now live in times where specific words on a specific piece of paper no longer hold the meaning they used to hold.
When people like Obama or the EU talk about the re-distribution of wealth, what they really mean is they want to redistribute your wealth to the state.
Ultimately, we are just dust in the wind anyway, so why worry about this shit at all ???
I say we all put a bullet in our own heads and find out whats next real fast !!!
-Ziggy Stardust
Hmm, I notice that "Ziggy" is still "jamming good!"
Isn't that what Germany wants though? Downward pressure on the EUR?
May be, but watch as money starts to freez up as people look around and can't find shelter.
I just got the same strong sell signal in es that I got in October 2007.
Any big Euro bank depositor is calmly walking into whatever bank he/she has their money and quietly taking out as much as they can. You don't get that kind of money by not keeping an eye on it. Less money held by a bank means they will slowly become more levered.
Euro down 140 ticks in 3 hours...
http://finviz.com/futures_charts.ashx?t=6E&p=h1
Cyprus is the new normal...
FRANKFURT (MarketWatch) -- The rescue program for Cyprus reached on Monday is a new template for addressing banking problems in the euro zone, said Dutch Finance Minister Jeroen Dijsselbloem, the chair of the Eurogroup of euro-zone finance ministers, according to Reuters. "If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalize yourself?' If the bank can't do it, then we'll talk to shareholders and the bondholders, we'll ask them to contribute in recapitalizing the bank, and if necessary the uninsured deposit holders," he said, according to the report.
I'm guessing here that Russia is going to stop accepting euros as payment for its fuels. Why not? Euros are only worth half today ... of what they were last week!
http://www.economic-undertow.com/2013/03/24/default-in-europe/
Dollars only, thank you!
BTW: Russia just signed a big crude + gas pipline deal with China:
http://www.bloomberg.com/news/2013-03-25/russia-cuts-china-into-arctic-oil-rush-as-energy-giants-embrace.html
Russia don't need no steenkin' euros.
dollars only? why should they? rubles only!
russia and china are ridding themselves of dollars as fast as they get them. they want the petroyuarub.