After a relentless upward session in yesterday's trade exasperated the EURUSD bears, it is time for the bulls to be punked, not once but twice, the first time coming overnight when some errant headlines out of China, suggesting it could be involved in the ESM, sent the pair soaring only to slide right back down on clarification this was not really happening. The second time it originated ironically enough, with Eurogroup muppet and Luxembourg Prime Minister Jean Claude Juncker, whose comments to in an interview with Deutchslandfunk were shockingly open and realistic. Among these were that the measures from the January 30 summit were "largely insufficient" and that Greek PSI talks were "ultra difficult." So apparently what Dow Jones said about the deal being done in hours may have been a modest fabrication. And something else that will certainly inflame German tensions once again, is his comment that the issue of a Greek budget commissioner is "off the table" and that there is no need for a "special Greek commissar." Thanks Jean-Claude, but we will wait for the real boss, Ms. Merkel, to voice on that one. Finally, apparently in a text message, Juncker's spokesman said no decision has been reached on possible talks next week. Great - so the Greek hard deadline of March 20 is now less than 50 days away, with the full exchange offer needing at least two months to be concluded, and there is still absolutely nothing on the table. Yup, sounds like Europe. In the meantime, the EURUSD has remember just what it represents: the total chaos, insolvency and disunion of everything European.
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