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Dollar Flash Crashes: Currency Market Pulverized As Dollar Implodes After Close
Complete Currency Carnage...
At 1604ET - the FX world went crazy...
Here is the close-up...
As The Dollar flash-crashed...
It wasn't just the FOMC move - this something more right after the bell
led by JPY and EUR... 2 big figure collapse in JPY!!! 400 pips in EUR!!!!
And Swissy the biggest move of all...
Charts: Bloomberg
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It jumped right up...
and grabbed my meat!
Cracks in the empire--Paul Craig Roberts:
http://www.paulcraigroberts.org/2015/03/17/cracks-washingtons-empire-pau...
"Did someone say crack ?!?"
--B. H. Obama
Now that is Funny with a capital F-ing F, Dollar crashes 5% in two hours?... God damnit Janet, what happened to "orderly markets"?
Apparently "The Market" was not positioned properly for the Freak Show today.
It's about as orderly as a fire in a high-rise.
Why now? Why has the dollar devalued now? As I see it there are no fundamentals which justify a soaring (relative) dollar. The dollar should not have increased in value as it did in the last few weeks/months. So why has the dollar valuation crash happened now?
Some call it a "Race to the Bottom." Obama and The Fed have ignited this tinder: What is the SMALLEST amount you trust your government? The US is now at war with multiple currencies to determine this level, which will ultimately be ZERO for someone.
I just backed up the truck last week and bought a ton of gold and silver.!!!!
Feeling pretty goddamn smug right now, I tell ya.
Why did I? Well, I looked at $USD, especially the parabolic nature in the weekly, and said "this is crap, not validated by any sane market forces, and it has to adjust".
So I went shopping.
Tyler, if a 2% drop is considered a "crash", what word do you have in your arsenal for a real crash? Monster cluster fuck?
I agree with you.
The $ is the maximum!
He's like Chuck Norris!
No one will come near here a few months ...
The same to send the mother for a holiday trip to Fukushima ...
hehe.
$ is Maximus!
We went to Buenos Aires last holiday......the official exchange rate was 8.4 peso/1 usd.
I took crisp, freshly pressed Yellen Jooh bux and traded in the money changer's quarter, Calle Florida, for 12.8 peso/1 usd.....I mean 12.8 peso/ Yellan Jooh bux.
I felt like a REAL ISRAELITE!
I finally got (12.8-8.4) /8.4 = 52.381....% off!!!!!
OVEY! I felt like Judge Jed S. Rakoff,
We stuffed ourselves like pigs......we actually ate in a Basque Restaurant.
We got the JOOH discount but, we looked civilized since we were the best dressed in the joint.
Well that explains the silver and gold charts this afternoon....cmon beatdown, daddy needs some more real estate!
Every time I drive by New York I wish I could look over and see it no longer there.
The greatest present that could ever be given to humanity is a giant wave wiping that ass sore off the planet.
Ignoramus Maximus.
Erasmus Perhap.
I assume you mean New York City. New York is a LOT bigger than that damned city. You need to learn that.
England is much more than London but try telling an American !
Sorry but the greatest present would be a nuke on DC
Woe to you who desire the day of YHVH! Why would you have the day of YHVH? It is darkness, and not light, Amos 5:18
That really needs to start with the city of london where the puppet masters pull the strings from.
Where the rothschild kikes live.
At some point the cleanest dirty shirt isn't anymore.....
im still holding my eur/usd short.
All. According. To. Plan. Brilliant.
Just bought a Victorinox Swiss Army Knife Rescue tool - price is down due to dollar plunge.
Are you trolling? Weak USD means expensive Swiss Army Knives.
Not anymore, they are made in China
BS
Looks like from the chart Swissies are buying Euro again since 2PM EST. The Spikes ae evident. They sure don't know how to buy a currency secretly. (or don't care)
How long till Swiss bank collapses from owning junk?
Hmmm... If the good European Socialists won't even let Greece out, what makes you think that all that Swiss War Currency would be liberated? Chances are: ZERO.
Or was this spike due to a Swiss Central bank leak? or just fear of the Bank?
all the hallmarks of a failed state.
Yeehah!!
@TheReplacement
Good one.
The prediction, that in the second half of the year the crude wil stand at 100 $/barell seems very well possible.
No need to adjust the controls, just the Fed adjusting a few things for us.
MOSCOW—Russia’s budget deficit more than doubled in February, the finance ministry said, amid a drop in oil prices and Western sanctions that are sending its economy toward recession.
The country’s budget deficit rose to 10.5% of gross domestic product in February from 4.2% in January, as revenues contracted even as expenditures were slightly reduced.
Russia’s revenues were hit by lower prices of oil, one of the country’s key exports, along with shrinking revenues from collection of taxes, such as value added tax, according to Vladimir Kolychev, chief economist at VTB Capital.
A faster-than-expected spending of military expenses exacerbated the problem, Mr. Kolychev said. This could be a temporary development and the budget deficit is likely to shrink in the second half of the year, he added.
Russian President Vladimir Putin has already called for expenditures to be reduced—even cutting his own salary by 10%—but said that defense and law enforcement will not see cuts this year. Despite the rapid drop in the value of the ruble, double-digit inflation and the impending economic squeeze, Mr. Putin’s popularity rating remains well above 80%, according to polls.
The finance ministry’s data showed that the recent growth in the gap between the country’s income and expenditure derives from a rapid drop in so-called non-oil and gas revenue, which fell to 428.2 billion rubles ($7.06 billion) in February from 803.4 billion rubles in January.
The overall budget revenue fell to 953.8 billion rubles from 1.3 trillion rubles a month earlier, while budget costs shrank to 1.5 billion rubles from 1.54 billion rubles.
The budget pattern underpins the broader economic trend in Russia. Its economy is expected to contract by 3% in 2015 as the key drivers—consumer demand and investment activity—are likely to spend the year in negative territory.
Russia’s finance ministry, which was effectively banned from borrowing on the global capital markets because of anti-Moscow sanctions, expects the 2015 budget deficit to be 3.8% of GDP and is tapping its reserve fund for the first time since 2009 to plug holes in the budget.
The spending of the reserve fund, part of international reserves that the finance ministry accumulated over years of buoyant oil prices and which is kept in foreign currencies, will mean that the central bank will have to print more rubles to finance budget needs.
The data released on Thursday showed that the central bank’s gold and foreign exchange reserves fell $6.3 billion to $356.7 billion in the week to March 6, a level last seen in mid-April 2007.
The central bank said in an emailed comment that the decline was driven by revaluation of the reserve components during the week, when the euro weakened against the dollar.
Time for war.
I went to Bloomberg and Marketwatch to find a reassuring explanatory article about this, but they had nothing about it at all. I guess that means it isn't important. (/s)
What a misleading headline. I checked all the usual market indicators and this event seems to have escaped notice by everyone except ZH and the usual suspects. You really do need to stop pissing yourselves when excited. Either that or get some reliable incontinence pants AKA a measure of editorial and contributor sense of proportion.
that was just a little algo glitch, that's it. move along..
Two questions: just what the fuck happened !? Who or what provoked this ?
somebody was targeted perhaps.
The war is to make America a commie country.
Just embrace communism and we can skip the indoctrination stage.
Save lives and submit to the state.