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Margin Calls? EURCHF Breaks Back Below Parity
12 hours after it first broke back above parity, EURCHF is back below 1.00 as post-NY-close FX trading is seeing a notable drop in the cross...
And close up...
and it's accelerating...
Panic Begins...
Charts: Bloomberg
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SNB=epic fail.
No matter how you rearrange the chairs on the Titanic, you're still going down with the ship.
At least SNB is first with their life jackets on.
ripping the bandaid off ... SOMEONE had to be first ...
Go take a look at after-hours trading. Apparently, those life jackets were made in China and are already coming apart at the seams.
And lined inside with 50lb anchors.
What a shitshow...
If you're going to panic, panic first.
This makes the Swissy up againt gold today? Hmmm how does that end up working out, gold higher again to pass the Swissy backup?
Interesting.
SPXUSD @ 1987.5
Now 1975.50 at 7:40 Eastern from FinViz Futures.
Me? I don't need a life jacket. I'm in a gold-plated dual motor life boat, complete with firearms and wet bar!
Remember thee who panic first, defect best.
I'd rather look at this in the long haul. At least they put their lifejackets on which significantly increases the survival vs. someone who doesn't have one.
yah lose a tail now or lose a limb latter. swiss are very rational. The rest of the world not so much.
A lot of people, businesses and banks around the world have loans in Swiss francs. For this reason, the high rate of the franc will bring huge bonuses for Switzerland.
Color me stupid but didn't they just say they weren't going to play along with further debasement any longer? I would think that people on this site would love that. Personally I think it's a stealth move to slap the Fed upside the head for not letting them have their gold back. That vote failed because the Fed told them to make sure it fails otherwise there would be trouble in gold land. Well the dollar is also 15% lower against the CHF too, it's just as worthless as the Euro compared to the Franc. So whatever gold the swiss have, they are likely not going to let go of, no matter who says they own it.
1.713
down 15 bps (Fire!)
the stampede toward the exits is on ... will the fire department arrive in time??
:-o
Black Friday tomorrow?? They can't even lift this baby to Monday?
isn't tomorrow options expiration?
if so, i would expect them gin up the rumor mill to get a lift
Exactly.What about tomorrow and then Monday.This could be it,the big one....
Nope. Everything will be hunky dorey.
The nice people in Euroland will give the Fed this 3 day long weekend to get everything fixed and, voila! BUY BUY BUY on Tuesday.
/ arc
So, the Euro is collapsing against the CHF. What does this really mean? That the ECB will stop talking and actually start printing, or is it more than that? Could it be possible the SNB has inside info on a Grexit or maybe a German plan to leave the EU and is issuing a preemptive strike against the currency? Not to mention last night's news about Russia cutting off gas to Euroland and closing the window on the petrodollar.
So many questions and so much speculation. I don't pretend to have a grasp on any of this. The one thing I DO know is this environment is bullish for gold.
I know whatever is done, it will be for the sake of the rich.
Not really. SNB realized that taking the pill wasn't too late. Yes, it may have cost Switzerland $100BUSD in losses in a single day but this has most likely saved their asses in the long run.
It means the SNB has achieved what the ECB wanted to do with a QE. At least on the surface.
In reality the ECB didn't want to do evenly devaluation of the EUR, as the SNB now caused, but wanted to choose the spots such as devaluing all remaining real savings by buying up Spanish/Italian/Greek govt junk bonds.
It's really totally funny how much egg the ECB now has on its face before even doing anything, while all commenters here seem to feel the SNB is the one to laugh at most.
The foundation of the economic model of the EU - is the transformation of energy in various forms of trade. The entire economy of the EU is based on the transformation of energy in the form of industrial and agricultural goods.
Restricting access to cheap energy - is undermining the foundations of the economic model of the EU. Lack of energy will destroy the EU economy. Expensive energy, will make all European goods uncompetitive and also will destroy the EU economy.
Is it a 3 day weekend again? No wonder the world is falling apart.
A Swiss kiss to the Euro whores