It wouldn't be the new normal without a "Greek deal imminent" rumor/headline and so after overnight China-based strength gave way to selling pressure, another twitter-based rumor of "chatter" of a Greek accord (which given yesterday's comments seems extremely unlikely anyway) sparked a malt-up in EURUSD and US Equity futures. However, as is always the case, Virtu's algos as usual forgot to sell when the official denial occurred just a few minutes later.
This appears to be the source of the rumor:
"Chatter" of Greek accord to be announced in 15:00 CET (14:00 London) but nothing confirmed by the main wires.
@MNI [8] canu check?
— Ashraf Laidi (@alaidi) June 1, 2015 [9]
It was promptly picked up by others:
Rumours of a #Greece [10] deal to be announced at 2pm BST today, (@RANsquawk [11] via mni)
— Open Europe (@OpenEurope) June 1, 2015 [12]
However the official denials followed quickly:
OFFICIALS CLOSE TO CREDITOR TALKS WITH ATHENS DENY MARKET TALK THAT A DEAL WITH GREECE IS TO BE ANNOUNCED THIS AFTERNOON
7:55 am -- BRUSSELS, June 1 (Reuters) - Officials close to creditors negotiating a funding-for-reform package with Greece denied a market rumour that a deal could be announced on Monday afternoon.
Asked if there was any substance to the rumour of a announcement of A deal between Athens and its creditors on Monday afternoon, one official said: "no" and a second one also denied any knowledge of such an announcement.
But by then the momo damage was done, and whoever needed to exit a EUR (or ES) position, had done so successfully.
[13]
And that's how you move "markets" in this day and age.
