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EUR Spikes As A Desperate Europe Regurgitates Last Summit's Headlines

Tyler Durden's picture





 

Those following the EURUSD may be surprised by the rather violent spike higher in the past few minutes. Don't be: it is just the same old European unfounded speculation repackaged and regurgitated as headlines, in this case the following:

  • EU SAYS NO SOVEREIGN GUARANTEE NEEDED FOR DIRECT ESM BANK FUNDS

Or, for those whose event memory has a one week cutoff, the exact same thing that the Euro summit from June 28 "concluded" sending the EURUSD higher by 200 pips, only to see it crash to 2 year lows in the week following after Germany made it clear this was not really the case. Turns out it is not really the case this time either:

  • Details of how the future system will work remain to be negotiated: Commission spokesman Simon O’Connor

Cue responses from Finland, Holland, Slovakia and maybe, just maybe Germany, all of whom agree to disagree, and some of whom even demand collateral even for just EFSF borrowings.

In other words: the EU just resaid what it said originally 10 days ago, while leaving the detail void just as it did at the summit when it announced the MOU. No matter: the algos fell for it an covered to the tune of at least 50 pips. Mission accomplished. Sadly, halflife in thgis particular case: 10 minutes.

 


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Mon, 07/09/2012 - 06:41 | Link to Comment michigan independant
michigan independant's picture

spasm- No matter: the algos fell

Mon, 07/09/2012 - 06:51 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Musta been the 1000+1 bailout that finally did it.

 

Quick....snap a picture.

 

Mon, 07/09/2012 - 07:25 | Link to Comment battle axe
battle axe's picture

Fucking Blind leading the Blind....

Mon, 07/09/2012 - 07:28 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I don't know what you're doing but I'm following that guy.....not sure where he's going.

 

Mon, 07/09/2012 - 08:58 | Link to Comment GMadScientist
GMadScientist's picture

Who said that?

Mon, 07/09/2012 - 06:43 | Link to Comment Irish66
Irish66's picture

Birds regurgitate to feed their young

Mon, 07/09/2012 - 06:44 | Link to Comment slaughterer
slaughterer's picture

Back from the Hamptons, the banksters wil not like what they see this morning.  Sell. EUR/USD implied delta ==> 1.2

Mon, 07/09/2012 - 07:15 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

alexmai: Rosegren: reports US business is not hiring because of global uncertainty....LOL, more brain washing from the FED. the main factors stopping hiring are . Wash DC, criminal bailouts, failure of creative destruction by the bailouts, no free markets, and to repeat fed and state gov over regulation and taxation. nothing global about it except for the multinational corps who by definition do not worry about hiring in USA.

Mon, 07/09/2012 - 09:00 | Link to Comment GMadScientist
GMadScientist's picture

Pure and simple lack of aggregate demand (globally).

Occam says, "Srsly?"

Mon, 07/09/2012 - 06:48 | Link to Comment q99x2
q99x2's picture

Rumor eating algobots

Mon, 07/09/2012 - 06:55 | Link to Comment pcrs
pcrs's picture

That advanced knowledge must give some decent speculative possibilities. Maybe pumping and umping it is what is keeping euro banks afloat now.

Mon, 07/09/2012 - 07:15 | Link to Comment Sandmann
Sandmann's picture

Watching a Civilisation implode is tedious. Everyone but the Political-Banker Class is aware that the END is nigh but these idiots simply cannot be prised away from the bridge and seem intent on finding the deepest part of the ocean to scuttle the ship

Mon, 07/09/2012 - 08:15 | Link to Comment Vince Clortho
Vince Clortho's picture

Buying time and stashing the jewlery.  

Mon, 07/09/2012 - 07:25 | Link to Comment slaughterer
slaughterer's picture

These regurgitron EUR/USD pumps are a real game changer.  /sarc

Mon, 07/09/2012 - 07:36 | Link to Comment Alexmai
Alexmai's picture

EURO IS COMING DOWN AGAIN AFTER SPIKE

http://finviz.com/futures_charts.ashx?t=6E&p=m5

Mon, 07/09/2012 - 08:29 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Who could have seen it coming really?

 

Oh wait.....that would be me.

Quick....snap a picture.

Mon, 07/09/2012 - 09:03 | Link to Comment GMadScientist
GMadScientist's picture

These are HFTs...you're going to need a Fastax to get anything useful in court.

Mon, 07/09/2012 - 07:43 | Link to Comment Bogdog
Bogdog's picture

DRR to the moon.

Mon, 07/09/2012 - 07:48 | Link to Comment Snakeeyes
Snakeeyes's picture

The FIGS crisis? France, Italy, Greece and Spain all saw 10 year sovereign yields pop this morning while the EURO tripped.

http://confoundedinterest.wordpress.com/2012/07/09/fig-crisis-or-pfig-greece-spain-italy-and-france-start-off-week-with-rising-sovereign-bond-yields-euro-declines/

Mon, 07/09/2012 - 07:58 | Link to Comment orangegeek
orangegeek's picture

US Dollar daily chart shows bullish - still - according to elliott wave.

 

http://bullandbearmash.com/index/usd/daily/

Mon, 07/09/2012 - 09:05 | Link to Comment GMadScientist
GMadScientist's picture

And your astrologer says Jupiter is in Uranus.

Mon, 07/09/2012 - 13:01 | Link to Comment Alejandrito
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