In case anyone was wondering why the EURUSD is back to levels from several hours ago and well off the ramp highs (with ES continuing to pretend nothing matters), it is due to Bank of France Governor Christian Noyer who speak the following bullet points at a forum in Tokyo:
- Crisis Has Worsened Significantly
- Market stress has intensified and Europe is in a “true financial crisis,”
In other words precisely what Zero Hedge readers have known all along, the same as this article from the FT which shows what we presented to readers last week. As for those who like listening to the French grovel here is you desert:
- Markets and some governments think the ECB should buy more govt debt
Because €1 trillion is never enough...