EURUSD - Just Your Normal 2 Day, 650 Pip Roundtrip
Given the hoped-for money printing and European sovereign bond monetization from the ECB would tend to reduce the value of the EUR, today's belief that a new government in Greece and Italy will somehow fix all that ills this vast economic region seems to have won. The EURUSD pair has performed a miraculous 650 pip roundtrip in the last two days as Bund yields rise, EFSF spreads deteriorate, and European funding remains blatantly stressed. Perhaps it is Ben's willingness to print vs Stark's that is playing out (among many other things) in this battle to the bottom.
*STARK SAYS ECB WILL NEVER BECOME LENDER OF LAST RESORT: NZZ
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