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EURUSD Breaks 1.35 (Lowest In A Month) As Data Disappoints
With German Consumer Price inflation coming a little hot, Wholesale Price index deflating MoM (and less than expected YoY), and Finnish Industrial Production turning negative unexpectedly, (and now French Industrial Production and manufacturing dropping significantly), sellers returned in the early European day with EURUSD breaking below 1.35 (for the first time since 10/10) and ES -7pts from the close (and 12pts from overnight highs) at overnight lows. As everyone anxiously awaits the open of BTPs, credit markets are already playing catch up to the US afternoon with Main 5bps wider and XOver 23bps wider.
Copper is the disaster du nuit (for now) as it is now -6.5% from Friday's close. As the dollar strengthens the rest of the commodity complex is falling fast and TSY yields are dropping rapidly also. The broad risk market is catching up to equity's weakness from the late US session which will tend to mean a notable drop in 2s10s30s and Oil as FX crosses drift weaker. Oil remains positive for now on the week as Gold is practically unch.
UPDATE 1: Italian Bond Futures opened -1.7%
UPDATE 2: Credit cracking hard now XOver +35bps, Main +8bps, SENFIN +13bps
UPDATE 3: BTPs opened +16bps at 569bps over Bunds
UPDATE 4: OATs trading over 150bps wider than Bunds for first time ever
Chart: Bloomberg
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race to the bottom, bitchez!
The Bernank/Geithner twin freak would said 'that's good for their exports'.
I wouldn't listen to MasterBlaster from bartertown though.
We are now just beginning to reap the toxic harvest that The Bernank has sown, in earnest.
It's going to be a long, painful process of deleveraging the malinvestment, misallocation of capital, and other artifically induced 'risk on' asset bubbles that The Bernank and his braniac central planning peers at the Federal Reserve 'Bank' encouraged to be created (and even directly helped to create themselves, with fiat conjured from thin air and digitally deposited onto electronic ledgers).
The Bernank broke all markets. Humpty Dumpty/Mr. Market had a great fall (as The Bernank kicked him in the lower back, propelling him off the ledge of the wall).
The first bite hurts like a bitch (e.g. 1929 or 2008); the second wave/strike is the real killer (e.g. 1932 or 2012/2013).
Happy New Year, from The Bernank & Timmay Geithner (and Hank Paulson) to all of us.
I wonder who the designated white knight is today.
Even gold & silver starting to get hit. 2008 all over again where deflationary liquidity crisis takes PM's down hard??
liquidation trade as at Aug 4th sell off. if the ECB prints with Germany running inflation, Germany will leave the EU with Italy.
EFSF II
DOUBLE DOWN! BITCHEZZZZZ!
We know where all the fissures are.... and we know they're not fixed. TBTF means TO BIG TO SAVE.
Bad bonds, bad bonds... watcha gonna do? watcha gonna do when they come for you???????!!!!
you read my mind... Really here we go with more drama in euro...Italy is headed toward brink for sure
FDIC loan loss sharing details are a total taxpayer ripoff to big money types and billionaires like Soros, Dell, GS execs. Look up OneWest Bank started by those guys. FDIC sold them a portfolio at up to 50% discount and the FDIC backs up to 90% of losses, not based on what OneWest paid, but the ORIGINAL amount of loans. OneWest makes more money not working out any loans and letting them foreclose and cashing in from the FDIC.
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Contagionissimo.
One more supporting prediction chart for deflation in the USA in end of 2011-beginning of 2012 and all the scenarios that follows:
1) Economy in recession from q1 2012 ( increased cash hoarding=reduction of money velocity main reason)
2) Stocks sharply down, most commodities down
3) Gold, silver stable until more money -MUCH more is pressed in
4) USDx up
Supporting charts
This prediction is valid for up to q4 2012 (with differing details visible in other charts)
@Tyler Durden: It's incorrect to say "du nuit" because "nuit" is a feminine noun. -> Copper is the disaster de la nuit
Why are we green again? ECB buying? If yields are still over 7% with ECB buying, its horrible
Hey some of you are starting to go nuts again.
Hang in there. Dont run for the hills when it looks like the end of the world.....go long!!!
hank williams - hard core amer i can
https://www.youtube.com/watch?v=tGj3gETbnbU&feature=related
https://www.youtube.com/watch?v=ul-flAPpnKk&feature=related
http://www.bloomberg.com/news/2011-11-09/alabama-s-jefferson-county-file...
Look at the stink on that deal. JPM bankers took 8 million personally. JPM paid a $722 million settlement and now look
When investors find their right mind and start to flee the US dollar, that's when it's gonna be hilarious.
Futes are up almost 100 already as I type this. Looks like the algos don't give a shit. Just as I predicted yesterday. When will you people realize that stats, math, truths and hard data don't matter when there are no more biological investors involved in these markets...