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Is FX Manipulation Back? Dollar Spikes At London Fixing
Across the entire 'currency' complex a sudden USDollar buying scramble into the London Close fix has sparked weakness across everything from Swiss Francs to Bitcoin...
What are the fixes?
There are loads of different types of fixes, but the main ones are at 11 a.m. and 4 p.m. London time.
That’s not the only thing fixes are used for. Some asset managers, for example, use them purely to mark their foreign-currency-denominated holdings to market. It’s just a reference point. But some trade on them.
To trade on them, effectively you tell your bank in advance of the relevant time that you would like to buy X amount of euros at, say, the 4 p.m. fix.
As WSJ notes, everyone in this market knows there’s often a little extra volatility in exchange rates around fix times. But that’s largely because traders have to hedge themselves in advance of flows, and because while fix-based flows account for only 1-2% of the overall market, they are shoved through a very small trading window of one minute. they all take place in a one-minute trading window. It’s like everyone trying to squeeze through a doorway at the same time.
One senior banker explains as follows:
“[The trader] has to know this in advance—he has to hedge himself somehow as he has a large amount to buy, and by 4:00 p.m., he has to match the rest of the street.”
Matching the street? See, you will then get the mid price (NB: not the bid or the offer price—the middle point) of which ever rates were traded by a range of banks during the one-minute period around fix o’clock.
We presume the FX chatrooms were busy this morning (as they were all about currency manipulation at the fix)
Ironically, it appears Bitcoin is suffering the most for now...
Perhaps someone did not like the implications China outflows we hinted at...
Charts: Bloomberg
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Shitcoin takes a dive.
Still 'only' up 25% in the past month, and it's bouncing back now.
I want to know what that FED whisperer asswipe John Hilsenrath (spelling?) has to say about the FED meeting today? Its been awfully quiet around here about what the FED is going to do. Usually the talk is neverending. I seem to hear crickets this time around. Should I be scared?
Any rise in Bitcoin is reason to suspect another bubble that will leave late "investors" holding the bag.
Shhhhhhhhhhhh. It's been a tough year. Desk needs to bank some PL before year's end.
yep just some good ol fashioned tape painting into month end.....funny how the fed/aapl etc reports are just in time for a friday month end.
I suspect bitcoin is largely CIA black ops $.
citations?
Even the three letter agencies wouldn't be dumb enough to allow an open source entity like bitcoin loose on the internet. If the code had any backdoors they would know that those holes would eventually be discovered and then they would lose control.
citations?
FFS, he said "I suspect." He didn't claim it as gospel.
Yes. That certainly looks suspect. Looks like the old pump and dump in front of the Fed.
Everyone knows rates aren't going anywhere, so the underlying macro reasons/issues might actually trigger some equity selling.
Back??? Did it ever go away?
Bitcoin, in my opinion, has all of the disadvantages of bank deposits with none of the advantages of physical gold. Yet, it is treated as some kind of hip, digital gold substitute. Hate to say it, because I am not a true goldbug, but when it comes to gold, there simply is no substitute.
And it's gone...........
Please step aside for people who really have money in the bank. This line is for current customers only.
You're pretending as if it's ever gone away.
According to my own developed cyclical model, we'll see a HIGH for the S&P500 OCT 29/30 (10 cycles lining up, massive!) after which wave 2 will take us to the low 2000's (38.2%) or 1950 (68.1%) to form a Higher Low for wave 2 down. After that, the sky is the limit once again.
http://tripstrading.com/2015/10/28/tripsalert-oct-26-sp500-and-dax/
http://tripstrading.com/2015/10/20/sp500-tripstrading-cycle-model-3/
"Is FX Manipulation Back?"
i never saw any evidence it stopped
Trials of Fact; Fruit from the Poisonous Tree
You do know that the medical record clearly states that Grace was healthy at birth?
You do know that the medical record clearly states that hospital staff administered a shot specifically refused several time by her parents, which is clearly stated all over the primary physician's records, which medical literature clearly associates with the symptoms in question when administered to a female?
You do know that Felicia is a veterinary nurse and I went to the top pre-medical school in the nation, before separation from the farce representing itself as a healthcare industry, was an ICU secretary, and have decades of experience in forensic accounting?
You do know that I told all this to that oncologist lawyer posing as an ethicist?
Don't you?
Communists don't drop the shovel; they pass it along. As I stated from the beginning, you are all under a microscope in this case, but it's a system problem, insurance bias, something I happen to know something about.
All Grace required was fresh air to her skin and breast milk, to cry her lungs out, which the acting pediatrician specifically denied, according to sick-care treatment protocol, written by an insurance MBA, a piece of paper which I also happen to possess, among many. My job as a parent is not to consent to stupid, regardless of how many experts vote for the outcome.
My guess is that the State has already borrowed and spent $200k for all this make-work, and before it's all over, I will see the State of California in the bond market. Self-biased experts in fear who want to believe it takes a commune to raise a child, to pull revenue forward and enslave future children to it, is not an economy, The problem is not too many humans; the problem is too many automatons building stupid infrastructure as a means of extortion.
The last thing I need is a bunch of frightened bureaucrats telling me how to parent.
Now you have a little, pissed-off Earick on your hands. Good luck with that. I chose my wife because she is not afraid of pit bulls, not because she can control them. Grace is an instrument of her own design, not a piece of China for sale by the State to the highest bidder.
Only a legal mind spends months to gather evidence against a man from his wife without notifying her of such, using her baby as a hostage. Physical war is just a symptom of stupid, not knowing when to stop. And I've never been the type to pledge allegiance to a piece of paper, which is all government is, written by lawyers to favor themselves.
Put a ball on a string and spin it around a revolution. Add relative weight for the global cities and repeat. Now add the other planets. I don't need an EMP and time is on my side. And I have already been to USSC, back when Chief Rehnquist was still playing tennis, with ostensible faith in the 10th Amendment, while providing an end-run for Family Law, so all sides could take turns feeding from the trough resulting from the make-work economic activity, in a solar system built for the purpose, God rest his soul.
When you eliminate the redundancy, the empire is but a speck of sand, and we are all the teacher, regardless of Apostle Paul's admonitions to the contrary. Knowledge, like power, is an illusion for cavepeople. Take all the time you like in adjudication. The Court has merely proved that government is neither my peer nor my authority as a parent, and you might want to stop telling the nurses that they are officers of a Gestapo court, or not.
I don't need a ventriloquist, pulling my strings and telling me what to say, thank you. Labor is required to breath life into a nation, and mine remains at will, as an example to my children. Convicting Grace's mother of being Pollyanna is the stupidest thing I have seen yet, and I have seen a lot of stupid crap over the years in government. Obviously, I am not saddled with politically correct public opinion as a parent, but you go ahead and bring it to bear, along with NIRP and blockchains to pay for it. That'll make America exceptional.
If the Fed doesn't raise rates to 3%, Sweden is going to blow it up, and that's just to start, putting anonymous cash back into the economy, or WWIII it is. The Chinese and Russian gangs aren't coming after my family to pay them back, and the drunken communists in the US Navy are no match for what's coming.
Funny, the locals pay themselves to believe it is an aggregate problem and the Feds pay themselves to believe it is a local problem, while Rome burns.
cardboard:) kid with truck job do well, esp in CA
I believe the lawfirm of GOldman, JP Morgan, RBC, Barclays, BNP, DB, UBS, RBS, Citi, BOA & Associates already determines the exchange rate one month in advance.
Who the fuck uses bitcoin?
Why is it "ironic" that Bitcoin seems to be suffering the most? Bitcoin's volatility dwarfs that of any major currency. Its purely speculative, an investment fad.